FCP® a privately held national real estate investment company, and joint venture partner Denver-based Avanti Residential have acquired Heights on Huron, a 252-unit garden apartment community at 10648 Huron Street in Northglenn, for $55 million. The purchase follows an announcement made in May 2022, when FCP made its initial multifamily investment, Ivy Crossing, with joint venture partner, BMC, in Denver.
“Heights on Huron adds a well-located multifamily asset to FCP’s growing presence in Colorado,” said FCP’s Bart Hurlbut. “We are excited to work alongside Avanti for the first time to infuse capital into the property and improve resident experience.”
“With this first closing, we are excited to embark on a broader venture goal with FCP,” said Christian Garner, president and CEO of Avanti Residential. “Through their capital commitment to this strategic opportunity, we look forward to executing a large-scale renovation which will allow us to realize this desirable property’s full potential.”
Heights on Huron Apartments is located at a highly visible and well-connected location in Northglenn, proximate to I-25 and within an easy drive to downtown Denver, Interlocken Business Park, and Amazon’s Distribution Center. Residents at Heights on Huron enjoy easy access to numerous shopping centers, major retailers, and walking and bike trails.
Avanti Residential is an experienced investor and owner-operator of lifestyle-forward multifamily communities in the U.S. Founded in 2005 and headquartered in Denver, Avanti operates 37 properties across 5 states, comprising of 9,000 units. The company utilizes a vertically integrated platform led by a seasoned executive team, each with more than 25 years of experience in the acquisition and value creation of apartment properties.
FCP® is a privately held real estate investment company that 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.
