FCP acquires 360-unit apartments in Georgia for $51m

FCP announced the $51 million acquisition of Amber Grove at Olley Creek Apartments, a 360-unit garden apartment community at 2050 Austell Rd. in Marietta, Ga. Cushman and Wakefield represented the seller.

“Amber Grove at Olley Creek is well-located on Austell Road, a high-trafficked corridor in northwest Atlanta, and should serve well as a bolt-on investment to FCP’s 1,450 units within a five-mile radius,” said Michael Errichetti, vice president of acquisitions at FCP. “The community features two-, three- and four-bedroom units, well-suited for families in the area.” The firm’s business plan for the property includes adding in-unit washers and dryers, enhancing the curb appeal and amenities, and addressing deferred maintenance. FCP will also have an after-school program for children living in the community.

Amber Grove at Olley Creek residents enjoy easy access to major job centers in downtown Marietta, Cumberland, Buckhead and Perimeter Center. Amenities