SPI Advisory and FCP acquired Crest Manor Apartments, a 600-unit multifamily community located in Lewisville, Texas.

Crest Manor was delivered in two phases, in 2010 and 2016. The property offers two swimming pools, a large clubhouse and fitness center, tennis courts, walking and jogging trails, and spacious one-, two-, and three-bedroom layouts averaging 933 square feet. 

The acquisition was structured through the assumption of long-term HUD financing, with a blended interest rate of 3.6% and over 30 years of term remaining.

The joint venture plans to make strategic enhancements to the amenity package and selectively modernize unit interiors to better align with newly delivered properties in the market.