Jim Tatum
FCP and joint venture partner Avanti Residential recently purchased Omnia on Thomas, a 382-unit garden apartment community in Phoenix, AZ, for $65 million. Omnia on Thomas represents 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 Bart Hurlbut of FCP. “Together, we will continue to invest in the property to improve the resident experience and the asset’s market position.”
“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 of 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 with such unit amenities as high ceilings, hardwood-style flooring, and large closets. Community amenities include four swimming pools, a renovated fitness center, and a shady courtyard. The property is adjacent to Phoenix Children’s Hospital, minutes to Sky Harbor Airport, the Biltmore Camelback Corridor, and Old Town Scottsdale.
FCP, a privately held real estate investment company, has invested in or financed more than $9.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, Md., FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States.
Avanti Residential is an investor and owner-operator of lifestyle-forward multifamily communities in the U.S. Founded in 2005 and headquartered in Denver, Colo., Avanti operates 37 properties across 5 states, comprising of 9,000 units.
