FCP ANNOUNCES $25 MILLION ACQUISITION OF MODERA ACADEMICAL VILLAGE MULTIFAMILY DEVELOPMENT SITE SUPPORTING 793 APARTMENT UNITS IN BROWARD COUNTY, FL

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Jul 13, 2022, 10:10 ET

CHEVY CHASE, Md., July 13, 2022 /PRNewswire/ -- FCP_® and joint venture partner Mill Creek Residential Trust (Mill Creek) announce the $25 million acquisition of the Modera Academical Village development site within the Academical Village master plan and adjacent to Nova Southeastern University mega-campus in Broward County, FL. Phase I of the development will break ground immediately and will include a 397-unit, eight-story apartment community at 3440 SW 76^th Terrace with 9,000 square feet of ground floor retail. The acquisition includes a second phase of development with an additional 396 units.

"FCP is thrilled to partner with a leading national multifamily developer, Mill Creek Residential, on this dynamic new development," said FCP's Bruce Gago, who heads the firm's Florida office. "Modera Academical Village is situated in a phenomenal location, well-positioned to meet the growth driven by medical and educational jobs in the community and provide much needed high-quality rental housing."

The Modera Academical Village development will be adjacent to a 545-acre aggregation of educational and medical institutions anchored by Nova Southeastern University. The site is adjacent to a new 200-bed teaching hospital and a 120,000 square foot medical office facility. Upon completion, Academical Village master plan will comprise over 2.5 million square feet of retail, residential, office, hotel and medical space. Modera Academical Village is being built to a National Green Building Standard silver certification level.

FCP and Mill Creek extend their appreciation to Manny De Zarraga, Maurice Habif, Simon Banke and Ted Taylor of JLL for facilitating the transaction. The JLL Capital Markets Equity Advisory team was led by Mark Sixour and Simon Banke.

About FCP

FCP_® is a privately held real estate investment company that has invested in or financed more than $9.3 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 Mill Creek Residential Trust

Mill Creek Residential Trust LLC is a national rental housing company focused on the development, acquisition and operation of rental communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida proactively develops, acquires, constructs and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable markets in Seattle, Portland, the San Francisco Bay area, Southern California, Phoenix, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of March 31, 2022, the company's portfolio is comprised of 117 communities representing over 31,427 rental homes that are operating and/or under construction. For more information, please visit www.millcreekplaces.com.