GRAND PRAIRIE, TX – FCP and VaultCap Partners have acquired Corey Place Apartments, a 275-unit garden apartment community in Grand Prairie, TX. The transaction is the first joint venture for FCP and VaultCap.
"FCP is excited to partner with Mark and Ryan and the VaultCap team at Corey Place, our first investment in Grand Prairie and an asset with great added value," said Cole Kellogg of FCP. The company intends to make significant capital improvements to the property, including the addition of an amenity package with a pool, wading pool, grass soccer field, and outdoor kitchen, as well as renovations to common areas and sustainability improvements.
"VaultCap looks forward to partnering with FCP and executing a business plan that will improve the quality of life for Corey Place residents," said Mark Christ of VaultCap.
Located at 602 West Pioneer Parkway in Grand Prairie, Corey Place offers residents one, two and three bedroom apartments with convenient access to 161, 360, I-20 and I-30 and an abundance of job centers, facilities and entertainment options nearby Fort Worth and Dallas.
FCP and VaultCap acknowledge Northmarq for representing the seller and helping raise debt and equity for the transaction.
FCP is a private real estate investment company that has invested or financed more than $ 8.6 billion in assets since its inception in 1999. FCP invests directly and with operating partners in commercial and residential real estate. The company makes equity and mezzanine investments in investment and development properties.
Source: FCP / VaultCap partner