FCP Acquires 3 Atlanta Communities for $116M

Asher II. Image courtesy of FCP

FCP has expanded its portfolio of Atlanta area communities by acquiring three properties in Clarkston, Mableton and Lawrenceville, Ga.

The company acquired the three properties in the last three weeks for a total of $116 million. Michael Errichetti, senior associate of multifamily acquisitions at FCP, said in prepared remarks that the two workforce housing communities, Springdale Glen and Sierra Forest, were located near other FCP properties that were performing well.

Scott Reibstein, associate of multifamily acquisitions at FCP, also said in prepared remarks the third acquisition, Hawthorne at Sugarloaf, was the company’s first acquisition in Gwinnett County.

FCP will be renaming Hawthorne at Sugarloaf in Lawrenceville, Ga., to The Asher. The 260-unit community offers one-, two- and three-bedroom floorplans and is 97 percent occupied, Alex Cathcart, FCP’s vice president of multifamily acquisitions and development, told Multi-Housing News. The community is also the most recent product among the company’s three acquisitions having been built in 2007. According to Yardi Matrix data, FCP acquired the community from Hawthorne Residential Partners.

Closer to Atlanta, the 276-unit Springdale Glen in Clarkston, Ga., also offers one-, two- and three-bedroom floorplans. The community’s amenities include a pool, playground and dog park. Cathcart told MHN that FCP acquired the roughly 92 percent-occupied Springdale Glen from Shelton McNally Real Estate Partners. Cathcart also told MHN that FCP will combine operations of Springdale Glen with its nearby multifamily property, Mirador at Idlewood, and make various interior and exterior upgrades to the community.

To the west of Atlanta, FCP also acquired the 272-unit Sierra Forest in Mableton, Ga. The community similarly offers one-, two- and three-bedroom units. Cathcart told MHN that FCP acquired the roughly 91 percent-occupied Sierra Forest from MSC Investments. Cathcart also told MHN that the company will pursue deferred maintenance, improve the community’s buildings and curb appeal, and add outdoor amenities. FCP also tapped Cushman & Wakefield to manage all three properties.

SIX ACQUISITIONS IN SUBURBAN ATLANTA

With its three latest acquisitions, FCP has now acquired a total of six communities in the Atlanta area this year. Two months earlier, FCP also acquired a 380-unit community in the Smyrna suburb of Atlanta, marking its 20th investment in the Atlanta metro area. In total, FCP’s portfolio now totals 4,200 units spread throughout 24 assets in the Atlanta market.

Cathcart told MHN that each of the three latest FCP acquisitions had nuances with the submarket and the property itself but that the overall Atlanta suburban submarket is showing strong fundamentals.

“All three are a play on the momentum in Atlanta’s suburbs which is fundamentally driven by a very diverse and growing economy that rapidly recovered from the 2020 recession,” Cathcart told MHN. “As the economic hub for the Southeast, one of the fastest growing regions in the country, the Atlanta multifamily market is benefitting from an enduring in-migration of people, jobs and corporations.”