FCP has acquired Villas at Princeton Lakes, the real estate investment firm Monday announced in a press release. The 210-unit apartment community, at 751 Fairburn Road SW, traded for $30 million — FCP assumed the existing loan at the property. With the addition of Villas at Princeton Lakes, FCP now has 18 investments in the Atlanta area.
“The Villas at Princeton Lakes is a very well-maintained asset next to the booming South Fulton Industrial corridor,” Scott Reibstein of FCP said in the announcement. “We’re excited to have acquired our second community there, central to so much growth.” The property was purchased in an off-market transaction, was recently renovated, and has “experienced a steady 95 percent occupancy throughout 2020.”
Villas at Princeton Lakes is a garden-style community built in 2004 with Hardi-plank and brick siding. The community features one-, two-, and three-bedroom floorplans with patios. Travis Presnell of Cushman & Wakefield represented FCP in the transaction.
In addition to its multifamily endeavors, FCP this year — in partnership with Greenstone Properties — moved forward with Kimball Place at Parkway 400. The Class-A, six-story, 125,000 square-foot office building, sits near Avalon in Alpharetta. Kimball Place is supposed to open this year.