FCP Buys Third South Florida Rental for $111M

Federal Capital Partners (FCP) purchased a multifamily complex in West Miami, Fla., for $111 million, marking a slight discount from the previous trade, property records show. 

The community, called District West Gables, includes two seven-story buildings at 2001 and 2101 Southwest 67th Avenue, two blocks north of Coral Way. The 711,840-square-foot property houses 427 apartments in total as well as a parking garage, two pools, two gyms and a movie theater.

The seller, Chicago-based Waterton Associates, purchased the buildings shortly after their completion, paying $57.3 million in 2016 and $59 million in 2017, according to property records.

The recent sale — which equates to nearly $260,000 per unit — marks a more than $5 million discount from the previous sale nearly a decade ago. Matt Williams, Daniel Matz and Rob Wright of Newmark represented FCP in securing financing. Hampton Beebe, also from Newmark, represented the seller. (A representative for FCP declined to comment on the financing.) 

“Despite a challenging capital markets environment, we continue to deploy capital into markets where we see long-term fundamentals driving durable demand,” Bruce Gago, senior vice president of FCP and head of the company’s Florida investments, said in a statement. “Miami-Dade — and West Miami in particular — offers exceptional demographic and employment tailwinds that align with our investment strategy.”

The acquisition marks FCP’s third investment in South Florida in the past nine months. Starting in December, the Maryland-based investor paid $67.5 million for a 250-unit property in Miramar, and in March purchased a 400-unit complex in nearby Sunrise for $90 million. 

A representative for Waterton Associates did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.