FCP Spins Off Douglasville Rental Community
FCP sold Stewart’s Mill Apartments in the West Atlanta suburb of Douglasville, GA to Viking Capital for $28.2 million. The 188-unit apartment community was acquired by FCP in March 2020 in a portfolio acquisition along with two other Atlanta apartment communities. FCP completed a number of capital improvements and amenity upgrades.
In addition, FCP’s Structured Investments platform secured $22 million in preferred equity to finance two multifamily transactions: the development of Arris NoDa, a 276-unit, four-story, garden-style property in Charlotte, NC with partner Arris, and a recapitalization with Grubb Properties of Link Apartments West End, a Class A, 215-unit, five-story midrise apartment community in Greenville, SC.
FCP’s Structured Investments platform has invested approximately $676 million of capital to date, providing flexibility and creative capital solutions to owners and developers.
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