FCP Pays $40M for Atlanta Apartment Community
The firm has acquired Estuary Apartments, a 310-unit complex located on Lake Louise in a transaction with CBRE as the broker.
ATLANTA, GA – FCP has acquired a 310-unit garden apartment community in Atlanta, GA through a $40 million transaction.
The complex, entitled The Estuary Apartment Homes, is located at 3450 Evans Rd. and is situated around Lake Louise. The property currently exhibits five swimming pools, multiple tennis courts, a fitness center, a soccer field, a playground and many lake-view units.
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FCP looks to sustain a workforce housing community due to its location near the I-85 and I-285 intersection and its proximity to employment centers in the area, such as Chamblee-Norcross Corridor, Perimeter Center, Emory University/Medical Center and Gwinnett County. The firm acknowledges the improving submarket in Embry Hills, accounting for major redevelopments in the area, as well as its interstate access and prominent school district.
FCP utilized an existing Freddie Mac loan for part of the transaction. The seller was represented by Shea Campbell of CBRE Southeast Multifamily.
This acquisition is FCP’s fourth investment in the area this year, with a current Atlanta portfolio of 1,750 units. FCP is a privately held real estate investment company based in Chevy Chase, MD. Founded in 1999, the firm has invested in or financed more than $6 billion in total assets.