FCP Picks Up $71M Atlanta Portfolio
The real estate investment firm added another 652 units to its holdings in the metro area.
Forest Glen. Image courtesy of FCP
FCP has chalked up its 14th investment in the Atlanta metro area by buying a portfolio of three workforce housing communities for $71.1 million. Built between 1989 and 1992, the 652-unit portfolio includes two apartment properties in Douglasville, Ga., and one in the neighboring city of Austell, all located within a 13-mile radius of each other.
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InterCapital Group sold the trio of assets, which include:
- Place at Midway: 2281 Midway Road in Douglasville (200 units)
- Stewart’s Mill: 3421 West Stewart’s Mill Road in Austell (188 units)
- Forest Glen: 4236 Austell Road in Austell (264 units)
Pinnacle will manage the properties for FCP, according to a statement by the privately held real estate investment firm. Nathan Swenson of Cushman & Wakefield’s Southeast Multifamily Advisory Group represented the seller in the deal.
InterCapital Group acquired the three properties in a $45.3 million portfolio transaction in December 2015, according to Yardi Matrix. Place at Midway and Stewart’s Mill offer a mix of one-, two- and three-bedroom units across eight buildings and 11 buildings, respectively. Forest Glen includes one- and two-bedroom units across 14 buildings. Each community comes with amenities such as a swimming pool, fitness center and laundry facilities.
FCP assumed the existing Fannie Mae loans at each asset. The acquisition brings the company’s Atlanta platform to a total of 2,810 units, following recent deals in the area including FCP’s purchase of Ashford at Spring Lake, a 180-unit community less than 8 miles from Place at Midway, for $23.2 million.
