FCP Pays $23M for Atlanta Community
The acquisition marks the buyer's seventh investment in the area. The new owner plans to rebrand the 164-unit Ashford Gardens.
FCP has acquired Ashford Gardens, a 164-unit community in Atlanta, for $23.1 million. The RADCO Cos. was the seller, according to Yardi Matrix data. The new owner plans to rebrand the property as Mirador at Peachtree. Andrew Mays and Matt White of Berkadia represented the seller.
Situated at 2203 Plaster Road N.E. in the city’s Brookhaven submarket, the asset comprises nine three-story buildings constructed in 1971 on a 9.5-acre parcel. Ashford Gardens features one- to three-bedroom units ranging between 900 and 1,600 square feet, per Yardi Matrix. Common-area amenities include a fitness center, pool, picnic area and playground as well as 200 parking spaces.
The community previously changed hands in 2012, when The RADCO Cos. purchased it for $5.1 million from Parkstone Capital Partners, the same data provider shows. Ashford Gardens provides access to interstates 85 and 285 and is 22 miles from Hartsfield-Jackson Atlanta International Airport.
“Ashford Gardens is a well-located community surrounded by Atlanta’s most prominent employment centers,” said FCP Vice President Alex Cathcart, in prepared remarks.
The community marks FCP’s seventh investment in the Atlanta area. The sixth acquisition involved a 210-unit community located less than 19 miles from downtown Atlanta.