FCP℠ and High Real Estate Group announce the sale of York Ridge, a 240-unit apartment community in Charlotte, NC, to New York based White Eagle Property Group for $31.65 million. FCP recapitalized York Ridge in August 2015, becoming partners with High Real Estate Group in York Ridge and a Charleston, SC property in which the partners remain invested.
“FCP is pleased with the success of the renovations completed at York Ridge,” said FCP Vice President, Alex Cathcart. “We’re delighted that our partnership with High Real Estate Group resulted in a vastly improved community and a successful investment.”
“High is committed to serving our residents with the best quality home possible,” said Brad Mowbray, Senior Vice President & Managing Director – Residential Division, High Real Estate Group. “We maintain award-winning communities and our team delivers outstanding customer service daily. We recognize and thank FCP for partnering with us in this outstanding community.”
“We are excited to add York Ridge to our growing portfolio, as we continue to actively purchase value-add opportunities in major markets,” said Abe Spitz, Chief Operating Officer at White Eagle Property Group. “We will be investing significant capital by upgrading the interiors and enhancing the common area amenity spaces to give our residents the best living experience. York Ridge will be rebranded as the Avenues at Steele Creek as we reposition the asset.”
“York Ridge is a great opportunity for White Eagle to capitalize on Charlotte’s booming expansion,” added White Eagle Property Group Chairman and CEO, Jeff Weiskopf.
Jordan McCarley, Vice Chair of Cushman & Wakefield noted, “Southwest Charlotte is a thriving submarket with outstanding job growth and attractive fundamentals.” McCarley continued, “York Ridge is well positioned to benefit from the area’s momentum and continued demand for communities in quality suburban locations.”
FCP and High extend their appreciation to Marc Robinson, Jordan McCarley and Brooks Colquitt of Cushman & Wakefield Southeast Multifamily Advisory Group for their representation of the sellers in the sale.
About FCP
FCP℠ is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
About High Real Estate Group LLC
High Associates Ltd. is an affiliate of High Real Estate Group LLC, a full-service real estate organization. High Real Estate Group provides expertise in development, brokerage, architecture, construction, and investments and holds real estate assets with an estimated market value of approximately $1 billion. It also offers a full complement of real estate services including asset and property management, appraisal services, grounds and property maintenance, strategic planning, and consulting. The company manages nearly 9 million square feet of office, industrial, multi-family, hotel, and retail properties throughout the eastern United States. High Real Estate Group is family-owned, and based in Greenfield Corporate Center, East Lampeter Township, Lancaster, Pa. More information is available at www.highrealestategroup.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
