"Waterton Sells West Miami Apartment Complex at a Discount to FCP for $111M"
"Waterton sells District West Gables to FCP for $111M, marking a 4.7% discount from its purchase price nearly a decade ago."
In a surprising move, Waterton Residential has sold its 427-unit District West Gables apartment complex in West Miami at a steep discount to FCP, or Federal Capital Partners, for $111 million. This deal, which breaks down to $259,953 per unit, marks a 4.7% decrease from the complex's purchase price nearly a decade ago.
The District West Gables, consisting of two seven-story buildings located at 2001 and 2101 Ludlam Road/Southwest 67th Avenue, was purchased by Waterton in two separate deals in 2016 and 2017 for a total of $116.4 million.
According to records and real estate database Vizzda, the sale to FCP was completed on September 2, 2025. This transaction raises questions about the reasons behind Waterton's decision to sell at a discount, especially considering the strong demand for rental properties in the Miami area.
FCP, a Chevy Chase, Maryland-based firm, has been actively acquiring properties in the Miami market, including the purchase of several apartment complexes in recent years. This strategic move by FCP could indicate a potential shift in the rental market in West Miami.
When asked for comment, Waterton CEO David Schwartz stated, "We are pleased to have completed this transaction with FCP and believe that they will continue to maintain the high standards of District West Gables that we have set." However, industry experts speculate that there may have been external factors influencing Waterton's decision to sell at a discount.
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