By Robert Demeter
Atlanta—Federal Capital Partners (FCP) recently announced the acquisition of the River Trace Apartments in Roswell, Ga. Federal Capital acquired the asset for $29.5 million, making it the company’s fourth investment in the Atlanta market this year. CBRE represented the undisclosed seller.
The 312-unit apartment community, built in 1973, is located at 1450 Raintree Way, adjacent to neighborhood shopping centers and a fitness center. It is also within walking distance of the Chattahoochee River.
“River Trace Apartments offers very well-located workforce housing in a market with few similar options,” said Bryan Kane, senior vice president of FCP, in prepared remarks. “This location in Roswell is particularly appealing due to the strong Fulton County schools, easy access to GA-400 and the Perimeter, and its proximity to a number of job centers.”
River Trace has a lakefront setting on 34 acres, with a full array of amenities that include a clubhouse with a fitness center overlooking the property’s lake, swimming pool, playground, picnic area, laundry facility and 650 parking spaces. The one-, two-, three- and four-bedroom apartments average 1,226 square feet in size with an average rent of $1,101 per month, according to Yardi Matrix. As of July 2016, the community is 96 percent occupied.
Kane added that the community will be rebranded as River Crossing as Roswell, as part of the company’s planned renovations to the property.
Federal Capital recently entered the Atlanta market, with the acquisition of two multifamily communities totaling 369 units.
Photo courtesy of Yardi Matrix