FCP, a privately held real estate investment firm, bought the Summit Palms residential complex in Lauderhill, Florida, for $28.5m. The seller, Summit Property Group, was represented by Berkadia. Built in 1974, the 352-unit complex is a short drive from Florida Medical Center, Broward Health Medical Center, Fort-Lauderdale-Hollywood International Airport and Port Everglades. Community amenities include elevator service, on-site laundry facilities, a children’s playground, and on-site management.
“FCP is pleased to enter the South Florida market with the acquisition of Summit Palms,” said Bruce Gago, vice president of FCP who manages its Florida office. “FCP has now closed seven multifamily properties in Florida over the past 18 months, along with two multifamily development projects, and this acquisition exemplifies our commitment to our continued expansion in the state. With strong fundamentals in the submarket, Summit Palms represented a compelling investment opportunity.”
