FCP®announces the sale of Villas at Princeton Lakes, a 210-unit apartment community in the South Fulton area of Atlanta, GA, to Monday Properties and RSN Property Group for $36.75 million. FCP acquired the property in Q4 2020 for $30 million, assuming the existing loan in an off-market transaction.
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“FCP is very pleased with the execution of our business plan at Villas at Princeton Lakes,” said FCP’s Di Aeschliman. “With upgrades to the common areas and building exteriors, the asset was nicely re-positioned in a market with a strong need for workforce housing options. FCP continues to be interested in investments in the Atlanta market due to continued strong job growth and diversification of the local economy driving demand for housing.”
Villas at Princeton Lakes, located at 751 Fairburn Road is an attractive garden-style community built in 2004 with Hardie® plank and brick siding. The community features large one-, two-, and three-bedroom, family-friendly floorplans, with extra storage, private patios, and excellent access to Hartsfield Atlanta International Airport, Interstates 285 and 20, and nearby convenience and amenity retailers and restaurants.
FCP extends its appreciation to Travis Presnell and James Wilber at Cushman & Wakefield for their representation.
About FCP FCP® is a privately held real estate investment company that has invested in or financed more than $13.1 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 structured 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.
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SOURCE FCP
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