Federal Capital Partners Buys Another Broward County Rental for $90M
Wells Fargo provided $74M in acquisition financing for the 400-unit complex in South Florida
By Julia Echikson March 3, 2025 1:30 pm
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Federal Capital Partners (FCP) is doubling down on Broward County, paying $90 million for an apartment building near the Sawgrass Mills outlet mall in Sunrise, Fla., property records show.
The 486,920-square-foot complex, called Arium Sunrise, features 400 apartments at 1501 Northwest 124th Terrace, about a mile and half south of the sprawling, Simon Properties-owned shopping center. The multifamily property was completed in 1997 and features 20 three-story buildings across 22 acres.
The sale equates to $225,000 per apartment. Wells Fargo (WFC) provided a $74 million acquisition loan.
The seller, a partnership between Pacific Coast Capital Partners and RMR Group, bought the property for $86.7 million in 2019, according to property records.
The purchase marks FCP’s second acquisition in Broward County in just two months. In late December, the Chevy Chase, Md.-based investor bought a newly completed 250-unit property in Miramar for $67.5 million, The Real Deal reported.
In all, the company owns 28 multifamily assets in Florida, totaling 7,712 units. Representatives for FCP and Pacific Coast Capital Partners and RMR Group did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
