FCP Enters Phoenix Market With $71.5 Million Multifamily Acquisition
Real Estate Partner Bryson Filbert, Counsel Jeff Mitchell, and Associate Angela Fuccillo represented FCP in a joint venture to acquire the Tides at South Tempe, a 422-unit apartment complex in Tempe, Arizona. The $71.5 million acquisition is the company’s first investment in the Arizona market.
FCP, based in Chevy Chase, Maryland, had been looking for the right opportunity to invest in the Arizona market in order to expand its national footprint. The complex, which consists of a mix of one- and two-bedroom and studio apartments, presented an opportunity in a central location close to Arizona State University’s Tempe campus and the Phoenix Sky Harbor International Airport.
The Arent Fox team worked with local counsel from Quarles & Brady LLP in Phoenix to represent FCP in its acquisition and financing of the property through a joint venture partnership with Tides Equities. The Los Angeles-based commercial real estate investment company, counseled by Sklar Kirsh LLP, was also on the sell side of the deal, having previously owned the complex with another joint venture partner. CBRE Group Inc. arranged the financing from Truist Bank on behalf of the FCP and Tides Equities joint venture.
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