FCP has picked up three residential properties, totaling 683 units, in Palm Beach County, Florida, for $85.5m. The portfolio includes the 218-unit Costa del Lago in Lake Worth; Coronado Springs, a 314-unit apartment community in Palm Springs, and the 151-unit Sedona Village in Palm Springs. FCP has tapped Pinnacle to manage the properties. The acquisition marks FCP’s 11th investment in the state since 2016.
“All three properties are located in a high-growth submarket of Palm Beach County with excellent access to employment centers and retail amenities in Boca Raton and downtown West Palm Beach,” said Bruce Gago, vice president of FCP. “The communities provide renters in the area with quality, affordable housing options — and they represent great additions to our growing portfolio of multifamily properties in Florida.”
