An apartment community in the South Fulton area of Atlanta has changed hands.
FCP announced the sale of Villas at Princeton Lakes to Monday Properties and RSN Property Group for $36.75 million. FCP acquired the property in Q4 2020 for $30 million, assuming the existing loan in an off-market transaction, according to the announcement.
The 210-unit apartment community located at 751 Fairburn Road SW was built in 2004. It features one-, two- and three-bedroom floor plans, with extra storage and private patios.
“FCP is very pleased with the execution of our business plan at Villas at Princeton Lakes,” FCP’s Di Aeschliman said in a statement. “With upgrades to the common areas and building exteriors, the asset was nicely re-positioned in a market with a strong need for workforce housing options. FCP continues to be interested in investments in the Atlanta market due to continued strong job growth and diversification of the local economy driving demand for housing.”
Monday Properties is a New York-based real estate investment firm that owns, operates, develops and invests in mixed-use properties. The firm called the Villas at Princeton Lakes acquisition a “significant milestone in our ongoing expansion.”
RSN Property Group is a real estate investment firm based in Southern California.
