FCP®, with partner Croatan Investments (Croatan), announces the sale of Magnolia at Whitlock Apartments to Cannell Capital Partners. The 152-unit community is one of the most affordable in the Marietta submarket and, since its acquisition in 2016, has benefited from significant capital improvements, various value-add projects, and asset preservation initiatives totaling approximately $2.2 million.
“With our partners at Croatan, we are proud to have achieved our goals for Magnolia at Whitlock,” said FCP’s Cristina Istrate. “Atlanta continues to be one of FCP’s most active markets. We will continue to source new investments here as Atlanta’s resilient and diverse economy drives job growth throughout the region.”
“The successful execution of our value-add business plan and the resultant value creation at Magnolia at Whitlock is a great example of our opportunistic approach to multifamily,” said Paul Van, Chief Executive Officer of Croatan. “Both our strategy and execution performed beyond our expectations and we are thankful to celebrate this success with our partner, FCP.”
Magnolia at Whitlock consists of primarily two and three-bedroom units with in-unit washers and dryers and spacious floor plans. The property received improvements to common areas, amenities, and in unit renovations and is proximate to leading employers Lockheed Martin and Dobbins Air Force Base, as well as the new SunTrust Park and historic downtown Marietta. The preservation of Magnolia at Whitlock as a workforce housing community amidst increased development of new market rate apartments and homes was central to the partners’ business goals for the property.
FCP and Croatan Investments extend their appreciation to Andrew Mays, Matt White, Judy MacManus and Paul Vetter with Berkadia for facilitating the sale.
About FCP
FCP® is a privately held real estate investment company that has invested in or financed more than $8.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets and maintains a regional office in Atlanta. 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.
About Croatan Investments
Croatan Investments is a private equity real estate manager focused on multifamily investments. For over 16 years, we have had a passion for uncovering new opportunities with excellent intrinsic value and the goal of preserving the trust of our investors. With a seasoned team of real estate professionals, Croatan combines proven multifamily investment and asset management experience with deep market knowledge to opportunistically invest across each stage of the market cycle.
Croatan is headquartered in Virginia Beach, Virginia with team members located in Atlanta, Austin, Dallas, New York City, and Singapore. Croatan’s geographic focus includes primary and secondary markets with strong economic and housing demand drivers throughout the Mid-Atlantic and Sun Belt regions.
Croatan Investments is proud to be a certified minority-owned company.
For more information about Croatan Investments, please visit www.croatan.com.