FCP, based in Chevy Chase, Md., recently announced the $71.1 million purchase of three apartment communities in Douglasville and Austell, Ga. Douglasville is about 20 miles west of Atlanta, and Austell is about 15 miles northwest of the city. The properties include Place at Midway, a 200-unit apartment community, and Stewart’s Mill, a 188-unit apartment community, both located in Douglasville. Forest Glen, a 264-unit apartment community in Austell, rounds out the trio.
The purchase marks FCP’s 14th investment in the Atlanta area and increases its holdings to 2,810 units. FCP assumed the existing Fannie Mae loans at each property with Nathan Swenson of Cushman & Wakefield Southeast Multifamily Advisory Group representing the seller. Pinnacle will manage the properties for FCP and currently oversees 8,566 units for the firm.
“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.”
