FCP Purchases Three Apartment Communities in Metro Atlanta for $116M
CHEVY CHASE, MD. — FCP, a Chevy Chase, Md.-based real estate investment firm, has purchased three metro Atlanta apartment communities for $116 million. The three properties are Springdale Glen, Sierra Forest and Hawthorne at Sugarloaf apartment communities in Clarkston, Mableton and Lawrenceville, respectively. Shelton McNally Real Estate Partners was the seller for Springdale Glen apartments and MSC Investments was the seller for Sierra Forest. The seller for Hawthorne at Sugarloaf was not disclosed.
Built in 1973, Springdale Glen features 276 one-, two- and three-bedroom units. Located at 3800 Brockett Trail in Clarkston, the garden-style and workforce community is located about 2.9 miles from Interstate 285. Community amenities include a pool, playground and a dog park. The property was about 92 percent occupied at the time of sale.
Located at 6660 Mableton Parkway SE in Mableton, Sierra Forest includes 272 one-, two- and three-bedroom apartments just off Interstate 20. Built in 1973, the workforce housing property is situated close to the Fulton Industrial Corridor and is 12.6 miles from downtown Atlanta. Community amenities include a grilling area, playground and a property manager onsite. The property was roughly 91 percent occupied at the time of sale.
Built in 2007, Hawthorne at Sugarloaf will be renamed The Asher. The community has 260 one-, two- and three-bedroom apartments and onsite amenities including a 24-hour fitness center, outdoor kitchen with grilling area, bark park, pet spa and a saltwater pool. Located at 4975 Sugarloaf Parkway in Lawrenceville, the community is adjacent to a Publix-anchored shopping center. The property was 97 percent occupied.
Mike Kemether, Travis Presnell and Wesley Kenney of Cushman & Wakefield represented the sellers of Springdale Glen and Hawthorne at Sugarloaf. Barden Brown and Chandler Brown of Greystone Brown Real Estate Advisors represented the seller of Sierra Forest. Cushman & Wakefield has been retained to manage all three properties.