Zevulon Capital, Inc. and FCP® announce the acquisition of ReNew Parc Shores, a 520-unit apartment community at 3925 Satellite Blvd. in Duluth, Georgia. The real estate investment companies purchased the asset from FPA Multifamily, LLC for $94.75 million. Bainbridge Companies will manage the value-add, workforce housing property, which will be renovated and rebranded as Summit Station at Duluth.
“Renew Parc Shores offers proven upside potential in Atlanta’s fastest-growing county,” said Yossi Kagan, Zevulon Capital Principal. “We look forward to partnering with FCP to capitalize on the current capital improvements program to elevate the community from the inside out while enhancing operations and livability.”
Zevulon and FCP plan to complete interior renovations on the remaining units and perform exterior and amenity improvements that include installing new roofs; upgrading the pool, fitness center, clubhouse, and parking lot; replacing HVAC/HW; and improving the landscaping.
Located in Gwinnett County, ReNew Parc Shores is a historically high-performing resort-style community with an exceptional amenities package and convenient location near Steve Reynolds Boulevard, Pleasant Hill Road, and I-85. Community residents benefit from easy access to some of the region’s largest employers, including RockTenn, Asbury Automotive, and Primerica.
About FCP
FCP® is a privately held real estate investment company that has invested in or financed more than $8.6 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.
About Zevulon Capital
Zevulon Capital is a privately held, Atlanta-based real estate investment management firm that acquires and strategically transforms value-add multifamily assets across the southeast. Leveraging extensive market knowledge and industry insights, Zevulon successfully up-positions underperforming communities, creating profitability for investors and elevated living environments for residents. Visit zevcap.com to learn more.