FCP and joint venture partner Avanti Residential have spent $65 million to buy the Omnia on Thomas, a 382-unit garden apartment community in Phoenix.
The complex, at 1645 E. Thomas Road, is FCP's third multifamily investment in Phoenix and the second time partnering with Avanti after an initial joint venture in Colorado earlier this year.
"FCP is excited to expand our successful partnership with Avanti at Omnia on Thomas," said FCP's Bart Hurlbut.
"We are pleased to partner with FCP on this project and leverage our knowledge of the property and the local submarket," said Christian Garner, CEO at Avanti Residential. "We view this as a unique opportunity to infuse new capital into the project and further enhance the resident experience at Omnia on Thomas."
Capital One arranged Freddie Mac financing for the acquisition.
Omnia on Thomas features studio, one- and two-bedroom apartments featuring high ceilings, hardwood-style flooring, and large closets in a community with four swimming pools, a renovated fitness center, and a shady courtyard.
Chevy Chase, Maryland-based FCP is a privately held real estate investment company that has invested in or financed more than $9.3 billion in assets since its founding in 1999.
Denver-based Avanti Residential is an investor and owner-operator of multifamily communities in the U.S. Founded in 2005.