FCP, a privately held real estate investment company based in Chevy Chase, Maryland, is expanding its presence in the West with the acquisition of a 560-unit multifamily community in Las Vegas. This marks the firm’s first investment in Las Vegas.
The Avondale Apartments is in the Peccole Ranch master-planned community, which features miles of walking trails, tennis courts, playgrounds, and other amenities. It also is within 2.5 miles of the 20,000-acre Summerlin master plan, which boasts the largest concentration of dining, retail, and entertainment amenities outside of the Las Vegas Strip.
“FCP is excited to expand its Western U.S. footprint and enter Las Vegas with the addition of such a high-quality asset in a top-tier location,” said Bart Hurlbut, senior vice president and head of Western U.S. investments at FCP. “While the property has been institutionally owned and well-managed, we see a great opportunity to take advantage of the proximity to employment and amenities while repositioning the community.”
He added that FCP continues to find ways in the challenging transaction environment to acquire communities in prime locations in growing markets with long-term fundamental strength, with The Avondale Apartments meeting this criteria.
According to FCP, it plans to implement value-add capital improvement initiatives, such as upgrading common areas and modernizing units.
The community comprises one-, two-, and three-bedroom floor plans in three-story buildings, with each residence featuring hardwood floors, stainless steel appliances, a fireplace, patios or balconies, a garden soaking tub, and washers and dryers. Residents also have access to three resort-style swimming pools, a 4,000-square-foot fitness center, a spin room, a racquetball court, two dog parks, and a dog-washing station.
CBRE’s Las Vegas Investment Sales team of Adam Schmitt, Spence Ballif, Jannie Mongkolsakulkit, and Justin Neubeck represented the seller, and CBRE’s Mid-Atlantic Debt and Structured Finance team of Maxi Leachman, John Knies, and Sallie Ann Seiders secured the acquisition financing.