FCP announced the acquisition of Avery Townhomes in the Atlanta submarket of College Park, GA for $32 million. The 220-unit apartment community at 2609 Charlestown Drive features close proximity to south Atlanta’s largest employment centers, including Hartsfield-Jackson International Airport, the I-85 South Industrial Corridor and the Fulton Industrial Corridor. FCP has invested in 31 properties since its entry into the Atlanta market in 2015 and its multifamily portfolio in the market now stands at 6,402 current units.
“Avery Townhomes is a great bolt-on acquisition to FCP’s growing south Atlanta portfolio,” said FCP’s Michael Errichetti in a statement. “We look forward to addressing capital needs and improving the resident experience.”
Avery Townhomes offers residents a mix of two and three-bedroom townhomes. The property is amenitized with a pool, clubhouse and playground and is close to popular retail centers including the Camp Creek Marketplace with 1.2 million square feet of retail anchored by Target and Publix.
FCP will be partnering with Zevulon Capital, an experienced local operator based in Atlanta.
FCP is a privately held real estate investment company that has invested in or financed more than $9.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States.