SPI Advisory and FCP acquired Crest Manor Apartments, a 600-unit multifamily community in Lewisville, Texas.
This off-market transaction marks a major milestone for SPI, concluding more than five years of discussions with the original developer and seller.
Crest Manor was delivered in two high-quality phases in 2010 and 2016. Designed with a tenant-first mindset, the property offers a resort-style living experience, featuring two swimming pools, a large clubhouse and fitness center, tennis courts, walking and jogging trails, and spacious one-, two-, and three-bedroom layouts averaging 933 square feet.
The acquisition was structured through the assumption of long-term HUD financing, with a blended interest rate of 3.6% and over 30 years of term remaining. This attractive in-place debt, combined with the property’s best-in-class physical condition, provides SPI with a strong foundation for long-term performance.
The joint venture plans to make strategic enhancements to the amenity package and selectively modernize unit interiors to better align with newly delivered properties in the market, while preserving the community’s well-established character and appeal.
