Multifamily investor FCP acquired the 360-unit Amber Grove at Olley Creek Apartments community in Marietta for $51 million.
The community is located at 2050 Austell Road in Marietta. Courtesy of Google Maps.
The acquisition of the garden apartments, which are located at 2050 Austell Road, brings FCP’s Atlanta-area portfolio to 34 properties with 7,230 units. The Chevy Chase, Maryland-based firm began investing in Atlanta in 2015.
“Amber Grove at Olley Creek is well-located on Austell Road, a high-trafficked corridor in northwest Atlanta, and should serve well as a bolt-on investment to FCP’s 1,450 units within a five-mile radius,” FCP Vice President Michael Errichetti said in a press release. “The community features two-, three- and four-bedroom units, well-suited for families in the area.”
Current amenities in the gated community include a swimming pool, dog park, fitness center, community garden and playground. FCP plans to enhance these, in addition to adding in-unit washers and dryers, improving the community’s curb appeal and completing deferred maintenance. The firm also plans to launch an after-school program for children living in Amber Grove.
Cushman & Wakefield’s Travis Presnell and James Wilber represented the seller.