FPA Multifamily Acquires Atlanta Community for $30M
- Nov 08, 2017
FPA Multifamily has acquired Barclay at Dunwoody, a 204-unit apartment community in Dunwoody, Ga., a suburb of Atlanta, for $29.3 million. The seller was a group of investors known as Barclay at Dunwoody LLC.
Common amenities include a pool, clubhouse, fitness center and gated entry. Barclay at Dunwoody, built in 1990, is also near Perimeter Mall, which features 6 million square feet of retail.
The property is in the high barrier-to-entry Dunwoody apartment submarket, characterized by limited land zoned for multifamily and strict code enforcement, according to Mike Kemether, Josh Goldfarb and Travis Presnell of Cushman & Wakefield, who represented the seller in the transaction.
“Barclay at Dunwoody has the opportunity to be a submarket leader within its comp set, providing residents 100 percent podium parking,” Kemether said. “The high cost to replicate this elevatored, podium construction means that Barclay at Dunwoody will have no notable peers in the submarket for the foreseeable future.”
San Francisco-based FPA Multifamily is a private equity multifamily investor. The company is currently investing through its value-add focused FPA Apartment Opportunity Fund VI, which will acquire about $1.8 billion of assets, and its FPA Core Plus Fund III, which will acquire about $900 million of assets.