SPI Advisory, FCP Acquire 600-Unit Crest Manor Apartments in Lewisville, TX in Off-Market Deal

LEWISVILLE, Texas, July 17, 2025 /PRNewswire/ -- SPI Advisory ("SPI") and FCP are proud to announce the acquisition of Crest Manor Apartments, a premier 600-unit multifamily community located in the heart of 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.

"From the moment we first toured Crest Manor, it was clear this wasn't a typical construction," said Sean Mabarak, Principal and Co-Founder at SPI Advisory. "No expense was spared during development. Every detail—materials, design, amenities—was carefully curated to elevate the resident experience. That also translates directly into a lower capital expenditure profile for us over the hold period."

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.

"This was a unique, generational asset that we've pursued for years," added Michael Becker. "After navigating a challenging capital market environment and a protracted escrow process, we're thrilled to officially bring Crest Manor into the SPI portfolio and look forward to continuing its legacy as one of Lewisville's premier apartment communities."

About SPI Advisory, LLC
SPI Advisory is a Texas-based multifamily private equity firm founded in 2014 & headquartered in Dallas, TX with a second office in Austin, TX. SPI transforms the way high-net-worth investors from across the country identify, assess, secure, & sell high-yield, tax-efficient multifamily real estate investments across the Texas region by offering tailored joint venture partnership & advisory services as well as democratized passive investing opportunities in institutional-quality multifamily assets to their increasingly diverse client base. For more information, visit www.SPIAdvisory.com/. To join SPI's database and learn more about upcoming passive investing opportunities, visit www.SPIAdvisory.com/invest.

About FCP
FCP_® is a privately held real estate investment company that has invested in or financed more than $14.6 billion in gross asset value since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and structured investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit fcpdc.com.

Contact
SPI:
Lily Turner, Marketing Manager
Email: lturner@spiadvisory.com
Phone: 972.982.7951

FCP:
Karen Widmayer, KW Communications LLC
Email: karenwidmayerpr@gmail.com
Phone: 301.661.1448

View original content to download multimedia:https://www.prnewswire.com/news-releases/spi-advisory-fcp-acquire-600-unit-crest-manor-apartments-in-lewisville-tx-in-off-market-deal-302507317.html

SOURCE FCP