FCP Acquires Avana Cypress Creek Apartments For $53.1M From Eaton Vance

A 220-unit multifamily property located at 1700 South State Road 7 in North Lauderdale has been sold for $53.1 million. The Avana Cypress Creek Apartments were purchased by FCP through their Fund V. The property spans across 10 acres and includes amenities such as a swimming pool, fitness center, and on-site management.

Summary of transaction details

• Property Type: Multifamily
• Sale Price: $53,100,000
• Address: 1700 South State Road 7
• Market: North Lauderdale
• Acres: 10

FCP, represented by Chevy Chase, Esko Korhonen, Lacy Rice, and Alex Marshall, acquired the Avana Cypress Creek Apartments from Eaton Vance. The transaction was facilitated by brokers Robert Given and Zachary Sackley of CBRE. FCP took over the seller's $29.9 million Fannie Mae loan as part of the acquisition.

Note: FCP utilized their Fund V to purchase the property and secure the $53.1 million deal, with the additional financing provided through the assumption of Eaton Vance's existing loan.