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.
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.