FCP Acquires Atlanta Asset for $30M
- Jan 04, 2021
FCP has spent $30 million to acquire Villas at Princeton Lakes in Atlanta’s South Fulton submarket and market the 18th acquisition in the market. Yardi Matrix data shows the 210-unit community was last owned by St. Clair Holdings. The new owner assumed an existing $16.5 million Fannie Mae loan M&T Bank originated in 2018 and set to mature in 2028.
Situated on 37 acres at 751 Fairburn Road SW, the garden-style community is less than 2 miles from Interstate 285, less than 10 miles from downtown Atlanta and some 11 miles from Hartsfield Atlanta International Airport. Completed in 2004, the property comprises one-, two- and three-bedroom apartments in five three-story buildings. Common-area amenities include a pool, fitness center and private patio.
According to FCP Associate Scott Reibstein, the newly renovated property experienced a 95 percent occupancy through last year. Senior Director Travis Presnell from Cushman & Wakefield represented the buyer in the off-market transaction.
In December of 2020, FCP and Croatan Investments sold the 152-unit Magnolia at Whitlock Apartments in Marietta, Ga. The partnership invested $2.2 million in renovations and upgrades to the common areas, amenities and apartment interiors before selling the asset.