FCP® announces the closing of $8.6 million in preferred equity for the development of Eden West Apartments, a 212-unit multifamily development in the city of Tamarac in Broward County, FL. The project is a joint venture between developers Eden Multifamily (Eden) and Cypress Equity Investments (CEI). The investment marks FCP’s 15th in Florida.
“FCP is excited to be working with top-notch developers, Eden Multifamily and Cypress Equity Investments, on Eden West,” said FCP Vice President Bruce Gago, who heads the firm’s Florida office. Gago continued, “This location not only offers residents access to exciting new amenities at urban destinations, Metropica and Plantation Walk, but we will be able to provide convenient surface parking at an attractive cost basis, a rarity in Broward County.”
Eden West is located on the northeast corner of W. McNab and Pine Island Roads in the rapidly growing city of Tamarac. The development will include 212 Class A apartment units in four-story buildings with amenities including a clubhouse, fitness center, saltwater pool, dog park and grilling area. Residents will enjoy proximity to the Sawgrass Expressway and Florida Turnpike, providing easy access to numerous job centers throughout the area.
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.