A joint venture of FCP and Croatan Investments has completed the disposition of Magnolia at Whitlock Apartments in Marietta, Ga., to Cannell Capital Partners. Croatan Investments had purchased the 152-unit property for $6.3 million from Equity Residential in 2009, according to Yardi Matrix data.
FCP, in a joint venture with FortCap Partners, invested in the asset in 2016, when it recapitalized a two-property portfolio totaling 369 units. The deal also included 217-unit The Clarion in Decatur, Ga., which has since been sold.
Located on 11 acres at 925 Whitlock Ave. SW, 22 miles northwest of downtown Atlanta, the property encompasses 11 two-story buildings completed in 1972. Over the past four years, FCP has invested nearly $2.2 million in a renovation program and upgraded the common areas, amenities and apartment interiors. The unit mix provides one- to three-bedroom floorplans with sizes from 850 to 1,350 square feet. Amenities include laundry facilities, a pool, a playground and a fitness studio.
The Berkadia team that arranged the sale included Senior Managing Directors Andrew Mays and Paul Vetter, Director Matt White and Senior Director Judy MacManus.
In November, a partnership between FCP and Kane Realty finalized the $236 million disposition of The Dillon, a mixed-use asset in Raleigh, N.C. MetLife Investment Management purchased the property, which encompasses 271 apartments, 221,300 square feet of office space and 52,600 square feet of retail space.