FCP Acquires Estuary Apartments in Atlanta for $40M, Marking 4th Investment in Atlanta This Year
Friday, June 14th, 2019
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.