FCP Grows Atlanta Footprint With $51M Purchase
The buyer owns 1,450 units within a 5-mile radius of the asset.
Amber Grove at Olley Creek. Image courtesy of FCP
FCP has acquired Amber Grove at Olley Creek Apartments, a 360-unit multifamily community in Marietta, Ga., for $51 million. Yardi Matrix data shows that the asset previously traded in 2018, when Asia Capital Real Estate acquired it from Related Cos. for $27.5 million. Cushman & Wakefield represented the seller in the current deal.
Michael Errichetti, vice president of FCP, stated in prepared remarks that the firm owns 1,450 units within a 5-mile radius of the property. The company has acquired a total of 7,230 units in the Atlanta market since entering the metro in 2015.
A Class B property near Atlanta
Completed in 1978, Amber Grove at Olley Creek comprises 26 two-story buildings with one-, two-, three- and four-bedroom apartments ranging from 811 to 1,753 square feet. Common-area amenities include a basketball court, swimming pool and playground, along with laundry facilities and 500 parking spaces.
Half of the community’s units have been recently renovated under a $3.8 million capital improvements plan. FCP intends to continue upgrading the Class B property by adding in-unit washers and dryers, improving amenities and implementing an after-school program.
Located at 2050 Austell Road SW, the community is roughly 5 miles from downtown Marietta and 20 miles from downtown Atlanta. Multiple retail and dining options are within walking distance.
Cushman & Wakefield Executive Managing Director Travis Presnell and Director James Wilber brokered the transaction on behalf of the seller.
