ATLANTA, GA - FCP announces the $71.1 million acquisition of three apartment communities in Douglasville and Austell, GA in the Atlanta Metro Area. The communities include: Place at Midway, a 200-unit apartment community in Douglasville, GA; Stewart's Mill, a 188-unit apartment community in Douglasville, GA; Forest Glen, a 264-unit apartment community in Austell, GA.
The acquisition of the three communities marks FCP's 14th investment in the Atlanta Metro Area to date and brings the total number of apartment units in its Atlanta portfolio to 2,810. FCP assumed the existing Fannie Mae loans at each property.
"This portfolio is strategically consistent with our interest in well-located workforce housing in submarkets with strong employment fundamentals," said FCP's Michael Errichetti. "The communities are proximate to the Fulton Industrial corridor, a thriving logistics and industrial hub in southwest Atlanta. In addition, the assets are located in the same or adjacent submarkets to three of FCP's recent investments, providing operating efficiencies for our portfolio."
Pinnacle will manage the properties for FCP. Pinnacle currently manages 8,566 units for FCP.
FCP extends its appreciation to Nathan Swenson of Cushman & Wakefield Southeast Multifamily Advisory Group for representing the seller.
FCM is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties.