Chevy Chase, Md.-based real estate investor FCP continued to expand its Atlanta-area portfolio with the acquisition of three apartment communities in the last three weeks.
The company purchased the properties for $116 million with the acquisition of Springdale Glen, Sierra Forest and Hawthorne at Sugarloaf in Clarkston, Mableton and Lawrenceville, respectively, according to a press release. Hawthorne at Sugarloaf will be rebranded as the Asher.
“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 FCP’s Michael Errichetti. “Springdale Glen is adjacent to our Mirador at Idlewood property, close to major employment centers in a rapidly rising submarket, while Sierra Forest builds on our West Atlanta presence that now includes 2,137 units across 10 properties.”
In its release, FCP noted that it has invested in 24 properties, and its Atlanta multifamily portfolio now encompasses 4,200 units.
Springdale Glen features 276 one-, two- and three-bedroom garden-apartment units at 3800 Brockett Trail in Clarkston. Amenities include a pool, playground and dog park.
Sierra Forest is located at 6660 Mableton Parkway SE in Mableton and includes 272 one-, two- and three-bedroom apartments.
Hawthorne at Sugarloaf, built in 2007, is located at 4975 Sugarloaf Parkway in Lawrenceville and has 260 one-, two- and three-bedroom units. The community’s amenities include a 24-hour fitness center, outdoor kitchen with grilling area, dog park and a saltwater pool.
Cushman and Wakefield will manage all three properties.
Mike Kemether, Travis Presnell, Wesley Kenney and the Cushman and Wakefield Southeast Multifamily Advisory Group represented the sellers at Springdale Glen and Hawthorne at Sugarloaf, while Barden Brown, Chandler Brown and Greystone Brown Real Estate Advisors represented the seller at Sierra Forest.