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CHEVY CHASE, Md., May 13, 2022 /PRNewswire/ — FCP® with collective adventure partner, One Absolute Acreage Advance (OREI) advertise the accretion of The Summit apartments, a 284-unit association in San Antonio, Texas. The Summit is a 1984-build, Class B multifamily acreage amid at 1955 Larkspur Drive in the primary bread-and-butter hub of San Antonio, almost to the South Texas Medical Center, National Security Agency, Central Security Service Headquarters, Southwest Research Institute, USAA, University Health, and Valero, which accumulated apply over 140,000 people. The Summit was sourced through an off-market befalling based on an absolute accord through a antecedent OREI asset transaction. Terms of the transaction were not disclosed.

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FCP is a abreast captivated absolute acreage advance aggregation that has invested in or financed added than $8.3 billion in assets back its founding in 1999. FCP invests anon and with operating ally in bartering and residential assets. The abutting makes disinterestedness and balustrade investments in income-producing and development properties. www.fcpdc.com

The acreage allowances from acceptable admission to freeways I-410 and US-281, and abutting adjacency to the San Antonio International Airport three afar away. The affiliation will enhance the accepted areas and exteriors with a $5.1M advance that will accommodate abacus exoteric paint, resurfacing the pool, burden cleaning, upgrades to the alfresco kitchen, renovations to the clubhouse, fettle center, landscaping, and added signage amidst others. In accession to the exterior, autogenous value-add renovations will be implemented utilizing premiere upgrades including new flooring, granite countertops, backsplashes, ablaze fixtures, cabinetry and stainless-steel appliances.

“FCP is aflame to be alive alongside an accomplished San Antonio broker in OREI,” said FCP’s Cole Kellogg. “Our able-bodied value-add advance into the association will advance the citizen acquaintance and accompany the acreage in band with added top backdrop in the Castle Hills submarket.” The Summit is the 13th multifamily advance for FCP in Texas and the additional in San Antonio.

“OREI’s actual achievement in Texas has accurate abounding for our investors and we accept connected aplomb in the San Antonio bazaar to sustain its aisle of job, population, and rental growth,” said OREI President and CEO, Jeronimo Hirschfeld. “As The Summit marks our fourth advance in San Antonio, OREI will advance the ability and assets accustomed in the bazaar to apparatus our value-add affairs and drive returns.” In accession to accepting The Summit, OREI has a Texas portfolio that includes 10 multifamily communities amid in Houston, Dallas, College Station, San Antonio, and Austin, bringing absolute units beneath administration in Texas to over 2,750.

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FCP and OREI extend their acknowledgment to Will Caruth of Berkadia’s Basic Markets aggregation for his representation of the seller.

About FCP

FCP® is a abreast captivated absolute acreage advance aggregation that has invested in or financed added than $9.3 billion in assets back its founding in 1999. FCP invests anon and with operating ally in bartering and residential assets. The abutting makes disinterestedness and balustrade investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, arbitrary funds and abstracted accounts targeted at above absolute acreage markets in the United States. For added advice on FCP, amuse appointment www.fcpdc.com.

About One Absolute Acreage Investment

Founded in 2001, One Absolute Acreage Advance (“OREI”) is a abreast owned, Miami-based absolute acreage advance and asset administration company. OREI is a acclimatized investor, manager, and abettor focused on accepting multifamily assets in the Southeast United States and Texas. The firm’s ability is in active and managing a cardinal asset repositioning, advantage upgrade, and operational access programs to aerate amount for its tenants, investors, and communities in which it invests. The firm’s deals are capitalized by proprietary funds and programmatic relationships with institutional, ancestors office, and ultra-high-net-worth basic partners.

OREI has over 6,000 units beneath administration nationally and has acquired and awash over 10,000 value-add multifamily units back its inception.

www.onerei.com

Media Contact:Karen WidmayerKW Communications, [email protected]

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SOURCE FCP

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