US real estate investment company FCP has invested $287m (€179m) to buy six apartment communities.
FCP said the acquisition of the Atlanta-area apartment communities, totalling 1,975 units, lifts the firm’s 2021 acquisition count in the region to 12.
The company has invested $94.8m to buy Renew Parc Shores, a 520-unit apartment community at 3925 Satellite Boulevard in Duluth, paid $107.3m to buy Laurel Pointe, Bradford Ridge and Ashwood Ridge. It has also invested $85m to buy ReNew Peachtree City and ReNew Braelinn.
FCP has invested in 30 assets since its entry into the Atlanta market in 2015 and its multifamily portfolio in the market now stands at 6,178 units.
Michael Errichetti, a senior associate in charge of acquisitions, said: “FCP is excited to expand its Atlanta footprint across both new and existing submarkets.
“This expansion aligns with FCP’s continued belief in Atlanta as a growth market over the long-term,” said FCP’s Michael Errichetti. “We look forward to making further investments in commercial and multifamily acquisitions and developments with our fully discretionary capital.”
Scott Reibstein, an associate at FCP, said: “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.
“Laurel Pointe, Bradford Ridge, and Ashwood Ridge also provide FCP direct exposure to the booming transportation, logistics, and distribution hubs of South Atlanta.”
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