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

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.

You May Also Like

The latest multifamily news, delivered every morning.

Most Recent