FCP Adds to its Atlanta Multifamily Portfolio with $23M Deal
The deal for the garden apartment property at 2203 Plaster Road NE marks FCP’s seventh investment in Atlanta.
ATLANTA—FCP of Chevy Chase, MD has purchased the 164-unit Ashford Gardens apartment community here for $23.1 million.
The deal for the garden apartment property at 2203 Plaster Road NE marks FCP’s seventh investment in Atlanta.
“Ashford Gardens is a well-located community surrounded by Atlanta’s most prominent employment centers,” says FCP vice president Alex Cathcart. “We’re excited to continue to grow our workforce housing portfolio and will look to expand our presence in Atlanta with our new fund.”
Andrew Mays and Matt White of Berkadia represented the seller. FCP will rebrand the community Mirador at Peachtree.
Amenities at Ashford Gardens include a resort-style pool, a BBQ/picnic area, a playground, and large one-, two- and three-bedroom floor plans with renovated finishes.
FCP has been very active thus far in 2019 both in the Atlanta marketplace and elsewhere. Back in February, FCP spent $29.5-million on the acquisition of Chroma Park, a 210-unit garden-style apartment community located at 2105 Mesa Valley Way in the Atlanta suburb of Austell, GA. That purchase was the firm’s sixth investment in Atlanta.
In March, FCP purchased the Trails of North Hills, a 279-unit apartment community in Raleigh, NC for $33.3 million. In early March, the firm provided $100 million of preferred equity to Fairfield Properties for the purchase of a seven-property, garden-style multifamily portfolio containing 1,496 units in Nassau and Suffolk counties in Long Island, NY.
In addition, FCP and partners Level 2 Development and Clark Enterprises secured a 3,255-square-foot lease with Orangetheory Fitness at Highline Union Market in Washington, DC. The Highline, a 318-unit apartment community now under construction at 320 Florida Ave., NE in the Union Market District of Washington, DC, will include approximately 10,000 square feet of first floor retail space, including the Orangetheory Fitness space. Highline Union Market is expected to begin resident move-ins this spring.