FCP EXPANDS MULTIFAMILY PORTFOLIO IN COLORADO WITH $55 MILLION ACQUISITION OF HEIGHTS ON HURON APARTMENTS IN NORTHGLENN

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Jul 06, 2022, 15:40 ET

CHEVY CHASE, Md., July 6, 2022 /PRNewswire/ -- FCP_® and joint venture partner Avanti Residential announce the $55 million acquisition of Heights on Huron, a 252-unit garden apartment community at 10648 Huron Street in Northglenn, CO. In May 2022, FCP announced its initial multifamily investment, Ivy Crossing, with joint venture partner, BMC, in Denver.

"Heights on Huron adds a well-located multifamily asset to FCP's growing presence in Colorado," said FCP's Bart Hurlbut. "We are excited to work alongside Avanti for the first time to infuse capital into the property and improve resident experience."

"With this first closing, we are excited to embark on a broader venture goal with FCP," said Christian Garner, President and CEO of Avanti Residential. "Through their capital commitment to this strategic opportunity, we look forward to executing a large-scale renovation which will allow us to realize this desirable property's full potential."

Heights on Huron Apartments is located at a highly visible and well-connected location in Northglenn, proximate to I-25 and within an easy drive to downtown Denver, Interlocken Business Park, and Amazon's Distribution Center. Residents at Heights on Huron enjoy easy access to numerous shopping centers, major retailers, and walking and bike trails.

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 Avanti Residential

Avanti Residential is an experienced investor and owner-operator of lifestyle-forward multifamily communities in the U.S. Founded in 2005 and headquartered in Denver, Colorado. Avanti operates 37 properties across 5 states, comprising of 9,000 units. The company utilizes a vertically integrated platform led by a seasoned executive team, each with more than 25 years' experience in the acquisition and value creation of apartment properties. Avanti applies skilled real estate investment acumen in a culture of personal accountability and alignment to deliver exceptional value and attractive risk-adjusted returns for its institutional venture partners and private capital investors. AvantiResidential.com

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SOURCE FCP