FCP® has provided $8.4 million in preferred equity financing to Arris Holdings for the development of Arris Destin, a 192-unit apartment community in Destin, FL. The investment is FCP’s 13th in Florida and its first in the Florida panhandle, including previous multifamily, commercial and mezzanine investments in Orlando, Tampa, Jacksonville and Southeast Florida. Driven by beautiful beaches, tourism and a strong local economy, Destin is enjoying growth exceeding the national average.
“FCP is excited to work with Arris on this exciting investment utilizing modular construction, which has the potential to make a real impact to more efficiently and quickly deliver high quality apartments and minimize waste,” said FCP Vice President, William (Billy) Herbert. Mr. Herbert continued, “This is the second time we’ve worked with the Arris team on a multifamily development and we look forward to continued opportunities with them.”
Arris is a leader in modular construction, utilizing state-of-the-art technologies that provide faster, safer and more durable assembly for apartment buildings with less disruption to the environment.
FCP® is a privately held real estate investment company that has invested in or financed more than $8.3 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. For further information on FCP, please visit www.fcpdc.com.