FCP Acquires Portofino Apartments in Atlanta for $19 Million
Wednesday, October 9th, 2019
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.