FCP Trades 260-Unit Atlanta-Area Rental Asset for $55M

Elmington Residential paid $55 million for The Asher at Sugarloaf, a 260-unit multifamily property in Lawrenceville. The company received an $18 million equity investment from American South Capital Partners (ASCP) to acquire the property. FCP was the seller.

Built in 2008, The Asher at Sugarloaf offers a mix of affordable and workforce housing consisting of one-, two-, and three-bedroom floor plans. The acquisition preserves all 260 units as income-restricted under a Private Enterprise Agreement with the Housing Authority of Gwinnett County, underwritten as affordable with 20% of units preserved at less than 60% of the Area Median Income, 30% of the units preserved at less than 80% of the Area Median Income, and the remaining 50% of the units at less than 120% of the Area Median Income.

Elmington Residential’s owned portfolio includes over 70 properties in 10 southeastern U.S. states totaling nearly 14,000 units.