FCP® has provided $12.6 million in preferred equity financing to LeCesse Development Corp. for the development of AVILA Apartments, a 269-unit, three-story apartment community in Oviedo, FL, northeast of Orlando. The investment marks FCP’s second with LeCesse and is FCP’s 14th Florida investment, including previous multifamily, commercial and mezzanine investments in Orlando, Tampa, Jacksonville and Southeast Florida.
“FCP is excited to partner once again with LeCesse, a top-tier multifamily developer in Florida and throughout the East Coast,” said FCP Acquisitions VP and head of the company’s Florida office, Bruce Gago. “The Oviedo submarket enjoys excellent development dynamics insulated from tourism influences with low supply and high barriers to entry as well as excellent schools, universities and job centers that appeal to residents.”
AVILA Apartments will be located at 3200 W. State Road 426, minutes from the Central Florida GreeneWay, Central Florida Research Park, the University of Central Florida, Winter Park, Lake Mary and downtown Orlando. The community will feature three elevatored buildings with conditioned corridors, a 10,000+ square foot clubhouse and a mix of one, two and three-bedroom floorplans.
FCP® is a privately held real estate investment company that has invested in or financed more than $8.3 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 LeCesse Development Corp.
LeCesse Development is a nationally recognized multifamily investment firm that has developed over 20,000 units since its founding in 1952. Based in Orlando, FL, LeCesse specializes in the development, construction, and ownership of multifamily communities in growth markets throughout the Eastern United States. For more information, visit www.lecesse.com.