FCP Completes 6th Atlanta Acquisition This Year
The company paid $19 million for a 234-unit garden-style property in Clarkston, Ga. Cushman & Wakefield assisted the seller in the deal.
After purchasing a 180-unit Atlanta community in September, FCP has acquired Portofino Apartments, a 234-unit garden-style property in Clarkston, Ga., for $19 million. The company’s sixth Atlanta investment this year brings its local portfolio to approximately 2,164 units.
According to Yardi Matrix data, the seller was Republic Funds, which had purchased the asset in 2016 for $10.8 million. FCP also assumed the existing $11 million Fannie Mae loan as part of the transaction. Cushman & Wakefield’s Wesley Kenney and Tyler Averitt led the Multifamily Advisory Group team which assisted the seller in the deal.
Located at 1250 Brockett Road, Portofino Apartments is near the intersection of Route 78 and Interstate 285, providing easy access to major employment centers such as Perimeter Center and North Druid Hills/Emory University. Downtown Atlanta is roughly 20 miles southwest via Interstate 20. The property is also close to another two recent FCP investments, The Estuary and Mirador at Peachtree.
Completed in 1973, Portofino consists of 22 two-story buildings across 17.2 acres, per Yardi Matrix. The unit mix features one- to three-bedroom floorplans ranging between 900 and 1,700 square feet. Amenities include two pools, a playground, a basketball court and a dog park. Pinnacle Management will manage the property that was 94 percent occupied as of August.