Property Type: Multifamily
In partnership with Adams LaSalle Realty, FCA acquired Oceanfront Lofts in 2015. This 102-unit apartment property was constructed in 1985 and offers an excellent location along the seawall in Galveston, TX. The property has immediate access to the Gulf of Mexico and the property’s unique design provides each unit with beautiful water views. Oceanfront Lofts offers a full amenity package, including nine-foot or ten-foot ceilings within units, open floor plans, laundry facilities on each floor, fitness center, swimming pool, hot tub, gated parking garage and a tennis court.
This was a value-add investment; during the hold period, the partnership invested approximately $1.0M in capital improvements to the property’s common areas and unit interiors. This property was sold in 2019.