Property Type: Multifamily
In partnership with ApexOne Realty, FCA acquired Arbor Club in 2015. Arbor Club is a 168-unit, garden style apartment community located in Pensacola, FL. Built in 1986, the property features a mix of one- and two-bedroom apartments ranging from 690 to 1,010 square feet. Amenities at the property include a swimming pool, fitness center, clubhouse, laundry facility, lighted tennis court, and a bark park. The property is located very close to three college campuses, 1.5 miles away from Pensacola International Airport, and it offers convenient access to I-10 and I-110.
Arbor Club and its sister property, Ashley Club, represent a two-property, 392-unit portfolio investment. Shortly after acquiring the portfolio, various clubhouse and common area upgrades were completed to enhance the properties’ appearance. In addition, approximately 30% of the interior units were upgraded during the hold period. In total, nearly $1.5M was invested in capital projects to improve the properties, resulting in a boost to net operating income and property value. The partnership sold this portfolio in 2018 after completing the improvements.