CHEVY CHASE, MD – FCP has announced the acquisition of six apartment communities in the Atlanta area with a total of 1,975 units, increasing the company's number of acquisitions in the region to 12 in 2021. The multi-family portfolio on the market now amounts to 6,178 units. In connection with the acquisitions, FCP took out five loans.
The acquisitions include:
Acquisition of Renew Parc Shores for $ 94.75 million, a 520-unit residential complex located on 3925 Satellite Boulevard in Duluth, GA. The community will be renamed "Summit Station at Duluth". This investment is the second from the Gwinnett County company that has led the Atlanta MSA in job growth for the past decade. FCP works with Zevulon Capital, an experienced local operator based in Atlanta.
$ 107.3 million acquisition of a three-property portfolio, Laurel Pointe (228 Morrow Road in Forest Park) with 593 units, Bradford Ridge (415 Sylvia Drive in Forest Park) with 262 units, and Ashwood Ridge (276 Upper Riverdale Road in Jonesboro) with 220 units. The portfolio is centrally located in South Atlanta with easy access to some of the area's largest job centers, including Hartsfield-Jackson International Airport, the I-85 Industrial Corridor and the East Airport I-675 Industrial Corridor.
Acquisition of a $ 85.0 million portfolio of two properties, ReNew Peachtree City (1000 Stevens Entry with 198 units and ReNew Braelinn (100 Peachtree Station Circle) with 182 units. The properties are located in Peachtree City, a community in South Atlanta, the Known for their top rankings in Schools and Quality of Life, FCP will rename the properties The Greens at Peachtree City and The Greens at Braelinn.
“FCP is excited to expand its presence in Atlanta to both new and existing sub-markets. This expansion is in line with FCP's continued belief in Atlantis as a long-term growth market, ”said Michael Errichetti of FCP. "We look forward to using our fully available capital to make further investments in commercial and multi-family acquisitions and developments."
"The Greens in Peachtree City and The Greens in Braelin are an expansion in South Atlanta and will benefit from the unique demand drivers of Peachtree City," said Scott Reibstein of FCP. "Laurel Pointe, Bradford Ridge and Ashwood Ridge also give FCP direct access to South Atlanta's booming transportation, logistics and distribution centers. Finally, we are delighted to be partnering with Zevulon Capital at Summit Station in the heart of Gwinnett County, the leaders in employment and population growth. Overall, these communities fit well with FCP's ongoing strategy of acquiring workforce housing in submarkets with access to leading employment services. "