FCP, a privately held real estate investment firm, continues to grow its multifamily footprint in the Atlanta market with the acquisition of three apartment communities in the past three weeks. The firm has invested $116 million in Springdale Glen in Clarkston, Sierra Forest in Mableton, and Hawthorne at Sugarloaf in Lawrenceville.
This brings FCP’s Atlanta acquisition count to six in 2021. In the market, the firm has invested in 24 assets with a portfolio of 4,200 units.
“Two of these investments, Springdale Glen and Sierra Forest, are workforce housing communities, well-located in their respective submarkets and strategically positioned near FCP assets that have seen strong performance,” said Michael Errichetti, a senior associate of multifamily acquisitions at FCP.
The 276-unit Springdale Glen is adjacent to FCP’s Mirador at Idlewood property and close to major employment centers in a rapidly rising submarket. The community, which features one-, two-, and three-bedroom garden apartments, is well-amenitized with a pool, a playground, and a dog park.
The 272-unit Sierra Forest builds on the firm’s West Atlanta presence that includes more than 2,100 units across 10 properties. The workforce community includes one-, two-, and three-bedroom apartments.
Built in 2007, the 260-unit Hawthorne at Sugarloaf will be rebranded as The Asher. The community is comprised of one-, two-, and three-bedroom apartments and on-site amenities, including a 24-hour fitness center, an outdoor kitchen with a grilling area, a bark park with agility equipment, a pet spa, and a resort-style saltwater pool. The community is close to Gwinnett County employment centers and is adjacent to a Publix-anchored shopping center.
“FCP is excited to make our first investment in Gwinnett County, which has led the region in population growth over the last decade,” said Scott Reibstein, multifamily acquisitions associate at FCP. “FCP is aggressively working to expand our portfolio in Atlanta by deploying our discretionary fund into acquisitions and development in key submarkets.”
According to FCP, Cushman & Wakefield will manage all three properties.
