FCP℠ announces the $23.2 million acquisition of Ashford at Spring Lake, a 180-unit garden apartment community at 6200 Bakers Ferry Road in Atlanta, GA. The acquisition of Ashford at Spring Lake marks FCP’s 5th investment in the Atlanta area this year, bringing the firm’s Atlanta portfolio to approximately 1,930 units. FCP assumed an existing Fannie Mae loan as part of the transaction.
“Ashford at Spring Lake is a very well-maintained community designed to appeal to families,” said FCP Vice President, Alex Cathcart. “The community is within a thriving logistics and industrial jobs corridor, creating demand for moderately priced apartments such as Ashford at Spring Lake.” Pinnacle Management, currently managing 17 communities for FCP throughout the Southeast, will manage the property.
Ashford at Spring Lake will benefit from close proximity to a new Publix grocery store now under construction and is minutes from Camp Creek Marketplace, a premier retail center. The community features large one-, two- and three-bedroom floorplans along with a clubhouse, playground, fitness center and resort-style pool.
FCP extends its appreciation to Matt White along with Andrew Mays and Paul Vetter of Berkadia for their representation of the seller.
FCP℠ is a privately held real estate investment company that has invested in or financed more than $6 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. For further information on FCP, please visit www.fcpdc.com.