Marietta Apartment Complex Gets New Owner

Federal Capital Partners is making its first multifamily investment in metro Atlanta, with the recapitalization of two apartment communities totaling 369 units.

The company is investing in Magnolia at Whitlock, with 152 units, in Marietta, and The Clarion, with 217 units, in Decatur. FCP is investing in the two communities through a joint venture with Virginia Beach based real estate investment firm, FortCap Partners.

FCP's investment in the Atlanta communities comes after an active year expanding into multiple southeastern markets, including Orlando, Tampa and Nashville, and in conjunction with an increasing presence in the Raleigh-Durham, Charlotte and Charleston markets.

Magnolia at Whitlock is one of the most affordable rental communities in Marietta, a submarket that has experienced strong rental rate appreciation as well as a reduction in the number of workforce housing communities. The property consists predominantly of two and three bedroom units with in-unit washers and dryers and spacious floor plans.

Magnolia at Whitlock, built in the 1970's, will receive improvements to common areas, landscaping and amenities. The community is proximate to leading employers, Lockheed Martin and Dobbins Air Force Base and is within easy reach of the new SunTrust Park and historic downtown Marietta.