FCP℠ announces the $19.0 million acquisition of Portofino Apartments, a 234-unit garden apartment community at 1250 Brockett Road in the Atlanta, GA suburb of Clarkston. The acquisition marks FCP’s 6th investment in the Atlanta area this year, bringing the firm’s Atlanta portfolio to approximately 2,164 units. FCP assumed an existing Fannie Mae loan as part of the transaction.
“Portofino Apartments are located in an improving submarket with excellent access to major transportation corridors,” said FCP Vice President, Alex Cathcart. “Portofino adds to FCP’s growing portfolio of workforce housing communities, providing residents with one of the most affordable options in the Atlanta area.” Pinnacle Management, currently managing 18 communities for FCP throughout the Southeast, will manage the property, which is located 15 minutes from recent FCP investments, Estuary and Mirador at Peachtree.
Portofino Apartments are located less than a minute from the intersection of Route 78 and the I-285 Perimeter, providing easy access to major employment centers including Perimeter Center, North Druid Hills/Emory University, Decatur, Chamblee, Buckhead, Midtown and Downtown Atlanta. Residents of the spacious one-, two-, and three-bedroom apartments enjoy amenities including two pools, a playground, a basketball court and a dog park.
FCP extends its appreciation to Wesley Kenney, Tyler Averitt and the Cushman & Wakefield Southeast Multifamily Advisory Group, which represented 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.