AUSTELL, GA - FCP announced the $29.5 million acquisition of Chroma Park, a 210-unit garden-style apartment community located at 2105 Mesa Valley Way in the Atlanta suburb of Austell, GA. Chroma Park marks FCP's 6th investment in the Atlanta area.
"Chroma Park is a stable, workforce housing community located on one of Atlanta's busiest east-west thoroughfares," said FCP Vice President, Alex Cathcart. Mr. Cathcart continued, "Strong local employment and retail paired with access to Atlanta's largest employment hubs should position this asset well over the long term. Atlanta continues to demonstrate healthy employment and population growth, so we are excited to grow our footprint here."
Amenities at Chroma Park include a fitness center, lighted tennis courts, resort-style swimming pool, dog park and playground. FCP plans on investing in capital improvements across the property, including upgrades to the buildings, amenities and interiors.
While Chroma Park was acquired through FCP's Fund III, the investment comes on the heels of the launch of FCP's recently closed $755 million Fund IV, fueling the company's targeting of multifamily and commercial assets across major markets along the East Coast and Texas.
FCP extends its appreciation to Travis Presnell and the Cushman & Wakefield Southeast Multifamily Advisory Group for representing the seller in the transaction.