CHEVY CHASE, MD. — Maryland-based investment firm FCP has acquired six multifamily properties totaling 1,975 units in the metro Atlanta area. The private investor purchased the assets across three separate transactions for a combined total of $287 million. The sellers in each of the transactions were not disclosed.
In the first deal, FCP acquired ReNew Parc Shores, a 520-unit community in the northeastern suburb of Duluth, for $94.7 million. The company partnered with local operator Zevulon Capital on the purchase. The new ownership plans to implement a value-add program and rebrand the property as Summit Station at Duluth.
In the second transaction, FCP bought a portfolio of three communities that are located south of Atlanta and total 1,075 units for $107.3 million. The portfolio consists of Laurel Point, a 593-unit complex in Morrow; Bradford Ridge, a 262-unit community in Forest Park; and Ashwood Ridge, a 220-unit community in Jonesboro.
In the final deal, the company purchased a two-property portfolio totaling 380 units in Peachtree City, also located on the southern outskirts of the state capital. ReNew Peachtree City and ReNew Braelinn total 198 and 182 units and will be rebranded as The Greens at Peachtree City and The Greens at Braelinn, respectively.
“The Greens at Peachtree City and The Greens at Braelin are an expansion into South Atlanta and stand to benefit from the unique demand drivers of Peachtree City,” says Scott Reibstein, an associate in FCP’s multifamily acquisitions department.
“Laurel Pointe, Bradford Ridge and Ashwood Ridge also provide FCP direct exposure to the booming transportation, logistics and distribution hubs of South Atlanta,” he continues. “Lastly, we are thrilled to partner with Zevulon Capital at Summit Station in the heart of Gwinnett County, the market’s leader in job and population growth.”
Dan Phelan of Gladiator Capital Partners represented the seller of ReNew Parc Shores, and Wesley Kenney of Cushman & Wakefield represented the sellers of the assets in the second transaction. Mike Kemether, Travis Presnell and Wesley Lacefield of Cushman & Wakefield marketed ReNew Peachtree City and ReNew Braelinn on behalf of the seller in the third transaction.
- Taylor Williams