CHEVY CHASE, Md., Feb. 12, 2019 /PRNewswire/ -- FCPSM announces the $29.5 million acquisition of Chroma Park, a 210-unit garden-style apartment community located at 2105 Mesa Valley Way in the Atlanta suburb of Austell, GA. Chroma Park marks FCP's 6th investment in the Atlanta area.
"Chroma Park is a stable, workforce housing community located on one of Atlanta's busiest east-west thoroughfares," said FCP Vice President, Alex Cathcart. Mr. Cathcart continued, "Strong local employment and retail paired with access to Atlanta's largest employment hubs should position this asset well over the long term. Atlanta continues to demonstrate healthy employment and population growth, so we are excited to grow our footprint here."
Amenities at Chroma Park include a fitness center, lighted tennis courts, resort-style swimming pool, dog park and playground. FCP plans on investing in capital improvements across the property, including upgrades to the buildings, amenities and interiors.
While Chroma Park was acquired through FCP's Fund III, the investment comes on the heels of the launch of FCP's recently closed $755 million Fund IV, fueling the company's targeting of multifamily and commercial assets across major markets along the East Coast and Texas.
FCP extends its appreciation to Travis Presnell and the Cushman & Wakefield Southeast Multifamily Advisory Group for representing the seller in the transaction.
FCPSM 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.