FCP has acquired Ashford at Spring Lake, a 180-unit community in Atlanta for $23.2 million. The deal marks FCP’s fifth investment in the Atlanta area this year, boosting the firm’s portfolio in the metro to 1,930 units.
The privately held real estate investment firm assumed an existing Fannie Mae loan as part of the deal. Situated at 6200 Bakers Ferry Road, Ashford at Spring Lake was built in 2004 and consists of 11 buildings with a mix of one-, two- and three-bedroom units. Community amenities include a clubhouse, fitness center and swimming pool.
The suburban property is located in the Sandtown submarket, nearby Camp Creek Marketplace, a retail center, and a Publix grocery that is under construction. Pinnacle Management will manage the property for FCP. Matt White, Andrew Mays and Paul Vetter of Berkadia represented the seller, a private investor that acquired the asset in 2017.
FCP’s other Atlanta-area acquisitions include The Estuary Apartment Homes, a 310-unit garden-style community in the Embry Hills submarket, for $40 million in June and The Fields East West Commons in Austell, Ga., for $17.7 million in April. The company also bought Ashford Gardens, a 164-unit community in the city’s Brookhaven submarket, for $23.1 million.