Ashwood Ridge.
A Maryland real estate-investment company that has been snapping up Atlanta apartment properties took an even bigger slice of the pie with the $287.1 million purchase of six communities in the last two weeks.
With the acquisitions, Chevy Chase-based FCP has now purchased 12 properties in the Atlanta metro area in 2021 and 30 assets since it entered the market in 2015. The transactions bring the firm’s total apartment count in Atlanta to 6,178 units.
“This expansion aligns with FCP’s continued belief in Atlanta as a growth market over the long-term,” FCP senior associate for multifamily acquisitions Michael Errichetti said in a press release. “We look forward to making further investments in commercial and multifamily acquisitions and developments with our fully discretionary capital.”
Specifically, FCP purchased Renew Parc Shores, a 520-unit community at 3925 Satellite Blvd. in Duluth for $94.75 million. The asset will be rebranded Summit Station at Duluth and is the company’s second acquisition in Gwinnett County. FCP is partnering with local operator Zevulon Capital on the deal.
FCP also purchased a three-property South Atlanta portfolio comprising Laurel Pointe at 228 Morrow Road in Forest Park with 593 units, Bradford Ridge at 415 Sylvia Drive in Forest Park with 262 units and Ashwood Ridge at 276 Upper Riverdale Road in Jonesboro with 220 units.
Finally, the firm paid $85 million for ReNew Peachtree City at 1000 Stevens Entry with 198 units and ReNew Braelinn at 100 Peachtree Station Circle with 182 units. Both properties are in Peachtree City and will be rebranded as the Greens at Peachtree City and the Greens at Braelinn, respectively.
Wesley Kenney at Cushman & Wakefield represented the sellers at Laurel Pointe, Bradford Ridge and Ashwood Ridge, while Mike Kemether, Travis Presnell and Wesley Lacefield of Cushman & Wakefield represented the seller at ReNew Peachtree City and ReNew Braelinn. Dan Phelan of Gladiator Capital Partners represented the ReNew Parc Shores seller.
Laurel Pointe.