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Customer Story: FCP


Founded in 1999, FCP is a privately held multi-billion-dollar private equity firm focused on the residential and office real estate sectors with about 39,000 multifamily units and 4.1 million square feet of office spaces across 16 states. Given the breadth of their holdings and a business strategy of identifying properties and adding value to increase their NOI, FCP was determined to take a different approach towards their capital expenditure planning, execution, and tracking.

In 2018, Dara Vaziri joined FCP as a Senior Analyst with two principle directives; implementing a new CAPEX management system across the FCP portfolio, and acting as a liaison between third-party property managers, vendors, asset and construction management.

Vaziri had to solve several challenges in order to achieve FCP’s CAPEX vision. Systems were disparate and required manual entry to generate the desired information. Each third-party property manager had their own Yardi accounting systems, resulting in duplicative reporting, as well as their own chart of accounts, resulting in disjointed and disconnected reporting within FCP. Finally, in the absence of a shared channel to streamline data analysis and communication, FCP lacked real-time access to vital information.

“Data is useless unless the quality of the data is good. We need quality control, especially when we are running almost 1,000 projects. That’s where Honest Buildings comes in.”



FCP sought a technological solution that would address the many different languages used by its third- party property managers. After researching the marketplace, FCP decided a partnership with Honest Buildings would provide a single source of truth for analysis with the help of FCP’s proprietary platform HBX that translated the many different languages to Honest Buildings. Adoption could mean streamlining communication among stakeholders while connecting managers, vendors, and asset managers through one system. It became clear that this could be their solution, putting everyone on the same page.

“We implemented Honest Buildings because we can manage our entire portfolio on it and have access to every stakeholder involved, along with live information. It provides a really meaningful check and balance in our CapEx projects.”

FCP then asked all of its third-party managers and vendors to use the Honest Buildings platform. Giving FCP a single hub to communicate, track, and report on projects would provide more actionable insights for better decision making.

Honest Buildings helps us to ensure properly allocated and attributed spend across our capital projects, so we have an even better view of what we are spending and where we are on our business plan.


Less than a year after implementing the platform, FCP now has 965 projects on Honest Buildings. Given their unique holdings, digging into the nitty-gritty details of small capital item details is crucial to achieving a successful CapEx business plan. Honest Buildings provides a single source of truth across all of their projects, so every dollar spent can be analyzed to ensure they are adhering to their business plan while making well-informed decisions for the future.

Dara Vaziri


“Honest Buildings has enabled us to understand how much capital is available for the end of the year and to see where we are in our budgets, contributing strongly to enhanced productivity.”

The result is significant alignment and reliable data sets. Honest Buildings has provided FCP with clearer visibility to understand their actual capital expenditures, which provides greater clarity to their everyday decisions and future budgeting. Mr. Vaziri believes that the single biggest value add they have seen is transparency, impacting all their project decisions, determining what projects to pursue and what goals they can expect to achieve.

“Bringing us all together in one centralized location so we can understand where our projects stand is invaluable. It makes our operations more efficient and it impacts all of our decisions throughout the year.”


FCP is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP is currently managing five funds totaling $3.1 billion in assets. They are based in Chevy Chase, Maryland and have offices in Raleigh, North Carolina, Miami, Florida, Atlanta, GA and San Francisco, CA. Dara Vaziri is a Senior Analyst at FCP, responsible for planning and implementing FCP’s project management systems between stakeholders, data analytics platform, and Lean financial practices.


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