FCP Grows Atlanta-Area Presence with $18M Buy
- Apr 17, 2019
After recently purchasing the 210-unit Chroma Park, FCP has bought the adjacent 150-unit The Fields East West Commons in Austell, Ga., for $17.7 million. The seller was Elite Street Capital, according to Yardi Matrix data. The new owner intends to rebrand the two communities under a new, unified name. The acquisition marks FCP’s third addition in the Atlanta area this year.
Located at 2100 Mesa Valley Way, the community features a mix of two- and three-bedroom apartments in 15 two- and three-story buildings spread across a 26-acre site. Common-area amenities include a fitness center, basketball court, playground and clubhouse. Offering easy access to the East-West Connector and interstates 75 and 285, the property is less than 21 miles from downtown Atlanta. Per Yardi Matrix data, the asset was 81.3 percent occupied as of March.
“Fields East West Commons allows us to quickly grow our presence and apply operational efficiencies to a well-located workforce community,” said Alex Cathcart, vice president at FCP, in a prepared statement. “The Atlanta MSA continues to be one of the strongest performing markets in the nation in terms of job and population growth.”
Cushman & Wakefield’s Director Travis Presnell worked on behalf of the seller in the transaction.