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FCP Executes Second PHX Buy with $77M Mill Ave. Deal
Chevy Chase, MD-based FCP acquired Solara at Mill Avenue, a 515-unit apartment community in Tempe, through a joint venture with Tides Equities. The $77-million acquisition marks FCP’s second investment in Tempe in three months, after picking up the Tides at South Tempe earlier this summer.
FCP’s Bart Hurlbut says, “Solara at Mill Avenue provides FCP with a well-located community that will benefit from our asset management strategies. We anticipate operational efficiencies with Solara being immediately adjacent to our Tides at South Tempe property.”
Solara at Mill Avenue is located close to Superstition Freeway and Interstate 10. It features one- and two-bedroom units with updated kitchens with new cabinets and quartz countertops, wood-style flooring and large windows. Private, fenced-in yards and stainless-steel appliances are available in select units. Community amenities include a clubhouse, covered parking, dog park, firepit and event lawn, pool and 24-hour parcel/package concierge.
CBRE’s Matt Pesch, Tyler Anderson, Sean Cunningham, Asher Gunter and Danny Baker brokered the sale.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

