FCP Trades Suburban Atlanta Apartments
- Jun 28, 2021
FCP has sold River Crossing at Roswell, a 312-unit multifamily property in Roswell, Ga., to Ashcroft Capital, according to Yardi Matrix. CBRE worked on behalf of the seller in arranging the deal.
The property last changed hands in 2016, when FCP paid Marquis Investments $29.5 million for the garden-style community. That transaction was financed with a $26.9 million CMBS loan.
The 34-acre community at 1450 Raintree Way has been rebranded as Elliot Roswell Apartments. The asset encompasses 22 two- and three-story buildings, a private pond and an extensive wooded area. Residents have access to a lakeside clubhouse, gym, pool, playground, picnic area and laundry room.
Apartments include a mix of one- to four-bedroom floorplans, ranging between 900 and 1,925 square feet. The recently upgraded units are equipped with washer and dryer connections and have private balconies and patios.
The property, 22 miles north of downtown Atlanta, is alongside State Route 400, next to the retail corridor on Holcomb Bridge Road. Several green spaces, including recreation areas alongside the Chattahoochee River, are in the nearby area.
The CBRE team that arranged the transaction included Executive Vice President Shea Campbell, Vice Chairman Kevin Geiger, Senior Vice Presidents Ashish Cholia and Colleen Hendrix and Senior Managing Director Mark Taylor.
Building up value
The sale marks only the latest value-add disposition from the investor. Following FCP’s purchase of the 1973-built property in 2016, it invested $5.5 million to update both the community’s units and its shared amenities.
In November last year, a partnership between FCP and Kane Realty traded The Dillon, a mixed-use adaptive reuse project in Raleigh, N.C., for $236 million. The property, which includes office and retail space along with 271 multifamily units, was the largest single-property transaction in that market for the year.