FCP Acquires The Avondale Apartments in Las Vegas

LAS VEGAS — FCP, a Chevy Chase, Maryland-based private investment firm, has made its first acquisition in the Las Vegas market with The Avondale Apartments. The 560-unit property is located at 9225 W. Charleston Blvd. within the Peccole Ranch master-planned community and less than half a mile from the Rampart Commons retail development. FCP is planning to renovate the property’s units, which are comprised of one-, two- and three-bedroom residences. Each unit features hardwood floors, stainless steel appliances, patios or balconies, a fireplace, in-unit washers and dryers, soaking tubs and a gas stove. Amenities include three resort-style pools, a 4,000-square-foot fitness center, a racquetball court, a spin room and two dog parks. CBRE’s Las Vegas investment sales team represented the undisclosed seller, and CBRE’s Mid-Atlantic debt and structured finance team arranged acquisition financing.