FCP℠ announces the $40.0 million acquisition of The Estuary Apartment Homes, a 310-unit garden apartment community at 3450 Evans Road in Atlanta, GA. The acquisition of The Estuary marks FCP’s 4th investment in the Atlanta area this year, bringing the firm’s Atlanta portfolio to approximately 1,750 units.
“The Estuary is a well-located workforce housing community benefitting from great interstate access and a strong school district,” said FCP Vice President, Alex Cathcart. “The Embry Hills submarket continues to improve, with changes like the redevelopment of the Kroger-anchored Embry Village just north of the property.” Pinnacle Management, currently managing nine communities for FCP throughout the Southeast, will manage the property.
The Estuary is located near the intersection of I-85 and I-285, providing easy access to employment centers throughout the Atlanta area, including the Chamblee-Norcross Corridor, Perimeter Center, Emory University/Medical Center and Gwinnett County. The property is situated around scenic Lake Louise with lake views from almost every unit. Amenities include five swimming pools, multiple tennis courts, a soccer field, a fitness center, a clubhouse and a playground.
FCP extends its appreciation to Shea Campbell of CBRE Southeast Multifamily for his representation of the seller. FCP assumed an existing Freddie Mac loan as part of the transaction.
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.