The real estate investment firm FCP has made its first foray into the Las Vegas market with the acquisition of The Avondale Apartments, a 560-unit community.
Avondale comprises one-, two-, and three-bedroom residences in three-story buildings. Community amenities include three resort-style swimming pools, a 4,000-square-foot fitness facility, a racquetball court, spin room, two dog parks, and a dog washing station.
FCP plans to implement value-adding capital improvement projects including upgrading common areas and a modern unit renovation plan. The financial terms of the deal were not disclosed.
“FCP is excited to expand its Western US 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 US investments at Chevy Chase, Maryland-based FCP. “While the property has been institutionally owned and well-managed, we see a great opportunity to take advantage of the immediate proximity to employment and amenities while repositioning the community. In a challenging transaction environment, we continue to find ways to acquire communities in great locations in growing markets where we see continued long-term fundamental strength, and Avondale Apartments meets those criteria to a tee.”
