By Bogdan Odagescu, Associate Editor
Atlanta—Federal Capital Partners (FCP) recently announced it has broken the ice on the Atlanta multifamily market with the purchase of two apartment communities through a joint venture with Virginia Beach-headquartered FortCap Partners. The Magnolia at Whitlock in Marietta, Ga., and The Clarion in Decatur, Ga., communities total 369 units and are ready for revamping.
“Following the planned renovations, Magnolia at Whitlock and The Clarion will both be extremely well positioned to have an enhanced appeal to residents in their respective submarkets…We look forward to working with FortCap to reposition the communities and maximize their operations,” said Bryan Kane, senior vice president of FCP, in prepared remarks.
The Clarion, a 217-unit community located at 10 Rimington Lane in Decatur, comprises 112 one-bedroom units ranging between 742 and 850 square feet, 77 two-bedroom units encompassing three different floor plans, and 28 three-bedroom, 1,373-square-foot apartments. According to Yardi Matrix, the property was acquired by FortCap Partners from seller Equity Residential in mid-2009 for $12.4 million, or $58.61 per square foot. The sale benefited from a $10 million Freddie Mac CMBS loan due for maturity at the end of August 2019. Yardi Matrix also shows a $1,066 average rent for the community, with individual rents ranging between $939 for the smallest units and $1,449 for the three-bedroom apartments.
The 152-unit Magnolia at Whitlock at 925 Whitlock Ave. is located east of central Marietta and is close to both Cobb County International Airport and the Dobbins Air Reserve Base. Built in 1972 and previously called Greengate, the apartment community offers good connections for major shopping centers and amenities in the area. The community consists of 30 one-, 92 two-, and 30 three-bedroom apartments. According to Yardi Matrix, rents range from $799 to $999 and the average unit size is 1,083 square feet. FortCap Partners bought the property in 2009 from Equity Residential for a reported $9.3 million, the sale being subject to a 10-year, $5 million Fannie Mae loan.
Images courtesy of Yardi Matrix and theclarionapts.com