Zevulon Capital, Inc. and FCP® announce the acquisition of Avery Townhomes, a 220-unit multifamily property at 2609 Charlestown Drive in College Park, Georgia. The real estate investment companies purchased the asset from Sureste Property Group for $32 million.
“We are thrilled to partner with FCP on another prime Atlanta multifamily opportunity,” said Yossi Kagan, Zevulon Capital Principal. “The property is well located next to the airport, within the revitalizing South Atlanta submarket, providing exceptional investment fundamentals.
Zevulon will manage the value-add, workforce housing asset, which will be renovated and rebranded. As part of the repositioning strategy, interior unit renovations will be completed as well as improvements to common areas and amenities.
Avery Townhomes is conveniently located just two miles from Hartsfield-Jackson Atlanta International Airport, the state’s key economic driver and largest employer. Major employment centers are minutes away, including Georgia International Convention Center, South Industrial Park, home to UPS, FedEx and Georgia Power, Fulton Industrial Corridor and Gillem Logistics Center. I-285 and I-85 are easily accessible, offering direct connection to all parts of metro Atlanta.
Zevulon and FCP acquired a 520-unit apartment community in Duluth, Georgia, last November for $94.75 million. Zevulon currently owns 14 multifamily properties across metro Atlanta.