Joint-venture partners FCP and Avanti Residential have announced the $65 million acquisition of Omnia on Thomas in Phoenix. The 382-unit garden apartment community is FCP’s third multifamily investment in Phoenix and the partnership’s second investment together this year.
“FCP is excited to expand our successful partnership with Avanti at Omnia on Thomas,” says Bart Hurlbut of FCP, a privately held real estate investment company. “Together, we will continue to invest in the property to improve the resident experience and the asset’s market position.”
Omnia on Thomas offers studio, one-, and two-bedroom apartments with high ceilings, hardwood-style flooring, and large closets. The community’s amenities include four swimming pools and a renovated fitness center. Adjacent to Phoenix Children’s Hospital, the community is also a quick drive to Sky Harbor Airport, the Biltmore Camelback Corridor, and Old Town Scottsdale.
“We are pleased to partner with FCP on this project and leverage our knowledge of the property and the local submarket,” says Christian Garner, CEO at Avanti Residential. “We view this as a unique opportunity to infuse new capital into the project and further enhance the resident experience at Omnia on Thomas.” Avanti Residential operates 37 properties across five states, totaling 9,000 units.
Capital One arranged Freddie Mac financing for the acquisition. “In continuing our relationship with FCP, we look forward to supporting this team as they focus on expanding their multifamily footprint in the Western U.S.,” says Jonathan Pratt, senior vice president of agency finance at Capital One.