Atlanta Rental Asset Commands $40M
- Jun 13, 2019
FPA Multifamily has sold The Estuary Apartment Homes, a 310-unit garden-style community in the Embry Hills submarket of Atlanta. FCP acquired the asset for $40 million, also assuming an existing Freddie Mac loan. The property was subject to two Freddie Mac loans totaling $7.8 million at the time of sale, according to Yardi Matrix data. Executive Vice President Shea Campbell of CBRE’s Southeast Multifamily Group assisted the seller in the transaction.
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Located at 3450 Evans Road, the property is just off Interstate 285 around Lake Louise, with lake views from almost every unit. Residents have easy access to employment centers throughout the Atlanta area, including the Chamblee-Norcross corridor, Perimeter Center and Emory University/Medical Center. Downtown Atlanta is 15 miles away via Interstate 85 and Hartsfield-Jackson Atlanta International Airport is within a 28-minute drive.
The Estuary consists of 50 buildings constructed in 1969 on a 50-acre site, as per Yardi Matrix data. The unit mix features two- and three-bedroom apartments, floorplans ranging from 1,205 to 1,568 square feet. Amenities include five swimming pools, a soccer field, a fitness center, a clubhouse and 500 parking spaces. Pinnacle Management, currently overseeing nine FCP communities across the Southeast, will manage the property that was 90.6 percent occupied as of April.