FortCap Partners Acquires 198-Unit Community
- Jun 13, 2016
Atlanta–Virginia Beach-based FortCap Partners joined forces with Brightman-Gil Investment Management of Tel Aviv to acquire the 198-unit Gables Court Apartments in Peachtree City, Ga. The purchase price for the asset was $24.9 million, or $125,843 per unit, with a $17 million loan provided by Prudential Insurance Co. Stein Investment Group represented the seller.
Built in 1984, Gables Court is located on roughly 14 acres at 1000 Stevens Entry, and incorporates 22 two-story buildings featuring one- to three-bedroom apartments averaging 1,072 square feet. Community amenities include a fitness center, tennis court, swimming pool and 400 parking spaces. According to Yardi Matrix, Gables Court was 95 percent occupied as of April 2016, with average monthly rents of $1,071. The property is currently managed by The Franklin Johnston Group.
FortCap recently partnered with Federal Capital Partners on the acquisition of two multifamily communities in the Atlanta market. Cushman & Wakefield’s Atlanta Equity, Debt & Structured Finance Group, led by Mike Ryan, Telly Fathaly, Jeff Walker and Brian Linnihan, arranged the joint venture equity recapitalization for Gables Court and the 217-unit The Clarion Apartments in Decatur, Ga., and 152-unit Magnolia at Whitlock in Marietta, Ga.–the previous two communities acquired by FortCap and Federal Capital Partners. Currently, FordCap’s Atlanta multifamily portfolio consist of 567 units.
“We received offers from several distinct capital partners for various portions of the portfolio,” said Ryan, senior managing director at Cushman & Wakefield’s Equity, Debt & Structured Finance Group. “We worked with FortCap to assess the benefits of the individual and combined proposals and ultimately settled on a blended execution to maximize valuation, further the value-add business plan and satisfy FortCap’s strategic growth initiatives.”
Photo courtesy of Gables Court Apartments