FCP Buys 6 Atlanta Communities for $287M
The acquisitions were made through the firm's recently closed $1.2 billion fund.
The Greens at Peachtree City. Image courtesy of FCP
FCP has expanded its holdings in the Atlanta area with the acquisition of six apartment communities totaling 1,975 units in three transactions within the past two weeks. The firm has purchased 12 multifamily properties in the region this year and 30 assets totaling 6,178 units since entering the market in 2015.
FCP assumed five loans in conjunction with the acquisitions. The sellers were not identified. The transactions represent FCP’s expansion in existing submarkets in the region as well as entry into new ones like South Atlanta, one of the booming transportation, logistics and distribution hubs in the Atlanta market.
The acquisitions were made through the FCP Realty Fund V LP, which closed earlier this year at nearly $1.2 billion and will be used for multifamily and commercial property investments throughout the United States with a focus on certain growth markets in the Southeast and Southwest U.S.
FCP partnered with Zevulon Capital, a privately held real estate investment management firm, to acquire ReNew Parc Shores, a 520-unit multifamily property at 3925 Satellite Blvd. in Duluth, Ga., for $94.75 million. It was the first investment FCP has made with Zevulon Capital, an experienced local operator in the Atlanta area. The community will be rebranded Summit Station at Duluth. The acquisition is the second FCP investment in Gwinnett County, which has led the Atlanta MSA in employment growth for the past decade.
FCP’s first Gwinnett County purchase came several months ago when the firm acquired Hawthorne at Sugarloaf, a 260-unit community in Lawrenceville, Ga., that was rebranded as The Asher.
Acquisitions Outlined
The other acquisitions include:
The $107.3 million purchase of a three-property portfolio including two in Forest Park, Ga.—Laurel Pointe, 593 units at 228 Morrow Road, and Bradford Ridge, 262 units at 415 Sylvia Drive—and Ashwood Ridge, a 220-unit asset at 276 Upper Riverdale Road in Jonesboro, Ga. The portfolio is centrally located within South Atlanta and provides easy access to some of the region’s largest job centers, including the Hartsfield-Jackson International Airport, the I-85 Industrial Corridor and the East Airport I-675 Industrial Corridor.
The $85 million purchase of a two-property portfolio in Peachtree City, Ga.— ReNew Peachtree City, 198 units at 1000 Stevens Entry, and ReNew Braelinn, 182 units at 100 Peachtree Station Circle. FCP will rebrand the properties as The Greens at Peachtree City and The Greens at Braelinn.
FCP officials said the communities fit nicely with the firm’s continued strategy of acquiring workforce housing in submarkets with access to leading employment centers. The expansion also aligns with FCP’s continued belief in Atlanta as a long-term growth market.
Wesley Kenney of Cushman & Wakefield represented the sellers of Laurel Pointe, Bradford Ridge and Ashwood Ridge. Mike Kemether, Travis Presnell and Wesley Lacefield, also of Cushman & Wakefield, represented the seller of ReNew Peachtree City and ReNew Braelinn. Dan Phelan of Gladiator Capital Partners represented the seller of ReNew Parc Shores.
