TEMPE, AZ – FCP announced the acquisition of Solara on Mill Avenue, a 515-unit community in Tempe, Arizona, valued at $ 77.0 million through a joint venture with Tides Equities. The acquisition of Solara on Mill Avenue, contiguous with the partnership's acquisition in June, Tides at South Tempe, is the second investment in Tempe in three months.
"Solara at Mill Avenue provides FCP with a well-located community that will benefit from our wealth management strategies," said Bart Hurlbut, vice president of acquisitions for FCP, who is focused on FCP's western US investments. Mr. Hurlbut continued, "We expect operational efficiency as Solara is immediately adjacent to our South Tempe tides."
"Tides is excited to partner with FCP on our second joint transaction in South Tempe," said Sean Kia, Co-Founder and Principal of Tides Equities. "Solara at Mill will bring us further efficiency and economies of scale in this sub-market and enable us to further reduce our expenditure on a broad front."
The Solara at Mill Avenue is located near the Superstition Freeway and Interstate 10, near major job centers, downtown Tempe, downtown Phoenix, and Phoenix Sky Harbor International Airport. Residents enjoy easy access to shopping, dining and entertainment areas. The community features one and two bedroom units with updated kitchens with new cabinets and quartz countertops, hardwood floors, and large windows. Private fenced-in yards and stainless steel appliances are available in select units. Communal facilities include a clubhouse, covered parking lot, dog park, fire pit and event lawn, pool, and a 24-hour package / package concierge.
FCP and Tides Equities would like to thank Matt Pesch of CBRE for arranging the sale.