Federal Capital Partners has acquired the 32-building Avery Townhomes from Sureste Property Group for $32 million. The multifamily property is in Fulton County in the College Park neighborhood of Atlanta.
The 220-unit Avery Townhomes, located at 2609 Charlestown Drive, offers two- and three-bedroom units, averaging 1,292 square feet. The one- and two-story townhomes were constructed in 1970. Unit amenities include semi-private entry, dishwashers, washer/dryer hookups, granite countertops, stainless steel appliances, wood-style flooring in select units and private patios. Resident amenities include landscaped grounds, a fitness center, a business center, a playground, a clubhouse and a swimming pool with a sundeck.
READ ALSO: FCP Sells North Carolina Apartments for $56M
The property is close to south Atlanta’s largest employment centers, including Hartsfield-Jackson International Airport, the I-85 South Industrial Corridor and the Fulton Industrial Corridor. Residents at Avery Townhomes are also near several retail centers, including the Camp Creek Marketplace, with 1.2 million square feet of retail space anchored by Target and Publix.
FCP will be partnering with Zevulon Capital, an experienced local operator based in Atlanta. Matt White with Berkadia represented the new owner in its purchase of the property.
FCP has invested in 31 multifamily properties with a total of 6,402 units since it entered the Atlanta market in 2015.