FCP continues to grow its Atlanta portfolio, acquiring six multifamily communities with 1,975 units in the area over a two-week period at the end of October. This brings its 2021 acquisition count in the region to 12 communities. Since the privately held real estate investment company’s entry in the market in 2015, FCP has invested in 30 assets, and its multifamily portfolio stands at 6,178 units.
“FCP is excited to expand its Atlanta footprint across both new and existing submarkets. This expansion aligns with FCP’s continued belief in Atlanta as a growth market over the long term,” said Michael Errichetti, senior associate of multifamily acquisitions at FCP. “We look forward to making further investments in commercial and multifamily acquisitions and developments with our fully discretionary capital.”
FCP assumed five loans in conjunction with the transactions, including:
- The $94.75 million acquisition of the 520-unit ReNew Parc Shores in Duluth. The community will be rebranded as Summit Station at Duluth. This is the firm’s second investment in Gwinnett County, a leader in the Atlanta MSA for employment growth over the past decade. FCP is partnering with Atlanta-based operator Zevulon Capital;
- The $107.3 million acquisition of a three-property portfolio—the 593-unit Laurel Pointe and the 262-unit Bradford Ridge in Forest Park as well as the 220-unit Ashwood Ridge in Jonesboro. The portfolio is centrally located in South Atlanta and provides easy access to some of the region’s largest job centers; and
- The $85 million acquisition of a two-property portfolio—the 198-unit ReNew Peachtree City and the 182-unit ReNew Braelinn in Peachtree City. The properties will be rebranded as The Greens at Peachtree City and The Greens at Braelinn. Peachtree City in South Atlanta is known for having top-ranked schools and quality of life.
“The Greens at Peachtree City and The Greens at Braelinn are an expansion into South Atlanta and stand to benefit from the unique demand drivers of Peachtree City,” said Scott Reibstein, a multifamily acquisitions associate at FCP. “Laurel Pointe, Bradford Ridge, and Ashwood Ridge also provide FCP direct exposure to the booming transportation, logistics, and distribution hubs of South Atlanta. Last, we are thrilled to partner with Zevulon Capital at Summit Station in the heart of Gwinnett County, the market’s leader in job and population growth. Overall, these communities fit nicely with FCP’s continued strategy of acquiring workforce housing in submarkets with access to leading employment centers.”
Cushman & Wakefield’s Wesley Kenney represented the sellers of Laurel Pointe, Bradford Ridge, and Ashwood Ridge. Cushman & Wakefield’s Mike Kemether, Travis Presnell, and Wesley Lacefield represented the seller of ReNew Peachtree City and ReNew Braelinn. Dan Phelan of Gladiator Capital represented the seller of ReNew Parc Shores.
