FCP Enters Jacksonville, FL Market With $29.1 Million Acquisition Of 396-Unit Townsend Apartment Community

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Sep 03, 2019, 11:00 ET

CHEVY CHASE, Md., Sept. 3, 2019 /PRNewswire/ -- FCP^(℠) announces the $29.1 million acquisition of Townsend Apartments, a 396-unit garden apartment community on Townsend Boulevard in Jacksonville, FL. The acquisition of Townsend Apartments marks FCP's first investment in the Jacksonville market and its 10^th Florida investment, including previous multifamily, commercial and mezzanine investments in Orlando, Tampa and Southeast Florida.

"The Townsend Apartments deal was sourced as an off-market transaction and provides FCP with a great opportunity to grow our portfolio of moderately priced apartments," said FCP Associate, Drew Schwartz. "This community is well-located near the St. Johns River and Jacksonville University, close to downtown employment centers and benefits from one of the strongest rental markets in the state as a result of strong job and population growth."

Townsend Apartments has a total of 13 buildings on both sides of Townsend Boulevard. Apartments are a mix of studio, one-, two- and three-bedroom units. Community amenities include a playground, two clubhouses, two pools, tennis courts, a fitness center, business center and barbecue and picnic areas.

FCP extends its appreciation to Berkadia for facilitating the assumptions of the existing Fannie Mae and Freddie Mac mortgages.

About FCP
FCP^(℠) is a privately held real estate investment company that has invested in or financed more than $6 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.