Property Type: Multifamily
In partnership with ApexOne Realty, FCA acquired Ashley Club in 2015. Ashley Club is a 224-unit, garden style apartment community located in Pensacola, FL. Built in 1985, 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, hot tub, car care center, fitness center, lighted tennis court, bark park, and laundry facilities. Additionally, the property is located just three miles from downtown Pensacola and is within five miles of three college campuses.
Ashley Club and its sister property, Arbor 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.