**FCP Acquires District West Gables in South Florida Expansion**
FCP has expanded its presence in South Florida with the acquisition of District West Gables, a 427-unit multifamily community previously owned by Waterton Associates. This transaction represents FCP’s third investment in the region within the past nine months, highlighting its continued commitment to the South Florida rental market.
As part of its investment strategy, FCP plans to launch a value-enhancement program that will modernize common areas and amenities, as well as renovate individual unit interiors. Greystar has been appointed as the new property manager.
In terms of representation, Hampton Beebe of Newmark acted on behalf of the seller. The buyer was represented by Newmark’s Matt Williams, Daniel Matz, and Rob Wright.
According to the South Florida Business Journal, the purchase price for District West Gables was $111 million. The property previously sold for $116 million in 2017.
District West Gables consists of two seven-story buildings and offers a range of amenities, including two swimming pools, two fitness centers, two lounges, and a movie room. Apartment units range in size from 550 to 1,250 square feet.
