FCP® announces the $51.0 million acquisition of Amber Grove at Olley Creek Apartments, a 360-unit garden apartment community at 2050 Austell Road in Marietta, GA. FCP has invested in 34 properties since its entry into the Atlanta market in 2015 and its multifamily portfolio in the market now stands at 7,230 units.
“Amber Grove at Olley Creek is well-located on Austell Road, a high-trafficked corridor in northwest Atlanta, and should serve well as a bolt-on investment to FCP’s 1,450 units within a five-mile radius,” said FCP’s Michael Errichetti. “The community features two-, three- and four-bedroom units, well-suited for families in the area.” The firm’s business plan for the property includes adding in-unit washers and dryers, enhancing the curb appeal and amenities, and curing deferred maintenance. FCP will also have an after-school program for children living in the community.
Amber Grove at Olley Creek residents enjoy easy access to major job centers in downtown Marietta, Cumberland, Buckhead, and Perimeter Center. Amenities in the gated community include a leasing center and club room, swimming pool, dog park, fitness center, community garden, and playground.
FCP extends its appreciation to Travis Presnell and James Wilber of Cushman & Wakefield for their representation of the seller.
FCP® is a privately held real estate investment company that has invested in or financed more than $12.4 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.