CHEVY CHASE, MD – FCP has announced the acquisition of six Atlanta-area apartment communities totaling 1,975 units, bringing the firm’s 2021 acquisition count in the region to 12. FCP has invested in 30 assets since its entry into the Atlanta market in 2015 and its multifamily portfolio in the market now stands at 6,178 units. FCP assumed five loans in conjunction with the acquisitions.
The acquisitions include:
$94.75 million acquisition of Renew Parc Shores, a 520-unit apartment community at 3925 Satellite Boulevard in Duluth, GA. The community will be rebranded Summit Station at Duluth. This investment marks the company’s second in Gwinnett County, which has led the Atlanta MSA in employment growth over the last decade. FCP is partnering with Zevulon Capital, an experienced local operator based in Atlanta.
$107.3 million acquisition of a three-property portfolio, Laurel Pointe (228 Morrow Road in Forest Park) with 593 units, Bradford Ridge (415 Sylvia Drive in Forest Park) with 262 units, and Ashwood Ridge (276 Upper Riverdale Road in Jonesboro) with 220 units. The portfolio is centrally located within South Atlanta, providing simple access to some of the region’s largest job centers, including the Hartsfield-Jackson International Airport, the I-85 Industrial Corridor, and the East Airport I-675 Industrial Corridor.
$85.0 million acquisition of a two-property portfolio, ReNew Peachtree City (1000 Stevens Entry with 198 units and ReNew Braelinn (100 Peachtree Station Circle) with 182 units. The properties are situated in Peachtree City, a South Atlanta community known for its top ranked schools and quality of life. FCP will rebrand the properties as The Greens at Peachtree City and The Greens at Braelinn.
“FCP is excited to expand its Atlanta footprint across both new and existing submarkets. This expansion aligns with FCP’s continued belief in Atlanta as a growth market over the long-term,” said FCP’s Michael Errichetti. “We look forward to making further investments in commercial and multifamily acquisitions and developments with our fully discretionary capital.”
“The Greens at Peachtree City and The Greens at Braelin are an expansion into South Atlanta and stand to benefit from the unique demand drivers of Peachtree City,” said FCP’s Scott Reibstein. “Laurel Pointe, Bradford Ridge, and Ashwood Ridge also provide FCP direct exposure to the booming transportation, logistics, and distribution hubs of South Atlanta. Lastly, we are thrilled to partner with Zevulon Capital at Summit Station in the heart of Gwinnett County, the market’s leader in job and population growth. Overall, these communities fit nicely with FCP’s continued strategy of acquiring workforce housing in submarkets with access to leading employment centers.”

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MIAMI, FL – Toll Brothers, the nation s leading builder of luxury homes, through its Toll Brothers Campus Living division, and CanAm Capital Partners, the private-equity affiliate of CanAm Enterprises, and a leading provider of project-level structured debt and equity solutions, announced the formation of a new joint venture to develop Lapis, a 1,086-bed, 293-unit, luxury student housing community at Florida International University (FIU) in Miami, Florida. The joint venture has secured a $103 million construction loan facility from Ocean Bank. The debt and equity financing were arranged by Toll Brothers in-house Finance Department. The venture was advised by Ackman Ziff Real Estate Group.
Toll Brothers Campus Living develops communities that combine modern amenities and strategic community design to fit the needs and lifestyle of today s students, making innovative solutions for residents in which to live, thrive, and connect. Toll Brothers Campus Living will manage the development, construction, marketing, and asset management of Lapis.
FIU is the fastest growing university in Florida, having seen its enrollment jump nearly 27% over the last decade. According to US News & World Report, FIU is now the nation s 4th largest university by enrollment with a total of over 58,000 students. The Report also lists dozens of FIU programs among the best in the nation, including International Business at No. 2. Washington Monthly magazine ranks FIU among the top 20 public universities contributing to the public excellent.
Lapis is located directly north of, and across from FIU s main campus, the 342-acre Modesto Maidique Campus, at 110th Avenue and SW 7th Terrace. The 21-tale development will consist of 1,086 beds across 293 market-rate studio, one-, two-, three-, four-, and five-bedroom luxury rental apartments. The community will offer luxury amenities, walkability to campus, individual leases, roommate matching, multiple study lounges, high-speed internet throughout the community, a resort-style pool, state-of-the-art fitness center, bike storage, club room, outdoor kitchens, business center and a secured garage. Fully furnished apartment homes will include smart electronic-controlled access, stainless steel appliances, high-speed internet, smart televisions and more.
Charles Elliott, President of Toll Brothers Apartment Living, said, We are excited to develop our first multifamily project in Florida. Lapis will be a fantastic addition to the FIU community, providing students the same quality and service we re known for throughout the country.
Fred Cooper, Toll Brothers Senior Vice President for Finance, International Development and Investor Relations, said, Lapis is our fourth major student housing community across the U.S. We are very much looking forward to partnering with CanAm, which possesses a strong track record in the Florida market. Ocean Bank, which also enjoys an impressive track record as well as a history of leadership involvement at FIU and in the South Florida community, is the ideal lender for this exciting project.
John Reid, Director of Project Development at CACP said, Lapis is a strategic project that will serve the growing demand for student housing in the FIU market. This closing marks our eighth investment in Florida projects over the last year. At CACP, we pride ourselves on partnering with best-in-class developers, and we couldn t be more thrilled to be paired with Toll Brothers in this development.
Jose E. Lopez, Senior Vice President and Regional Manager of Ocean Bank, said, Ocean Bank has a long and strong relationship with FIU, including sponsorship of the Ocean Bank Convocation Center on campus. We are very familiar with the need for additional housing for students and are pleased to provide construction financing for Lapis.

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LAS VEGAS, NV – The Bascom Group has bought a 1988 built, 216-unit multifamily property in Las Vegas, Nevada in an off-market transaction. Bascom bought ReNew at Decatur in an off-market transaction, purchasing the 216-unit garden style property for $49,600,000 or $229,630 per unit. Jamie Kline and Annie Rice with JLL Capital Markets sourced the loan from Bridge Investment Group Apartment Management Consultants will provide property management services and SD CAP will provide construction management. The acquisition was overseen for Bascom by Scott McClave and Tom Gilfillan.
Bascom’s Senior Principal of Acquisitions, Scott McClave, stated, “ReNew at Decatur adds another well positioned asset to our Las Vegas holdings, and we are excited about the growth potential in this market sector. The influx of new residents has continued unabated making a growing demand for quality, well-amenitized, mid-market housing at an affordable price. We believe that Las Vegas will continue to attract and retain new residents drawn to its low taxes, affordability, business friendly environment, and quality of life.”
Bascom’s Acquisitions Manager, Thomas Gilfillan, added “Bascom and its investors were attracted to this offering as it has spacious floorplans with a strong mix of two and three bedrooms, a discount to the sale comparables, a desirable value-add opportunity, and an attractive financing environment. We are excited to strengthen our footprint in this quick-growing market that ranks as one of the best in the nation.
Constructed in 1988, Renew at Decatur offers residents a low-density apartment community with expansive and efficiently designed floorplans that include private patios or balconies. The Property consists of 78% two- and three-bedroom floorplans and features a fitness center, resident clubhouse, business center, and pool and BBQ area. ReNew at Decatur is centrally located with convenient access throughout the Las Vegas valley including major employment centers like the world-well-known Las Vegas Strip, the rapidly growing Las Vegas Medical District, and the newly built Allegiant Stadium. The surrounding neighborhood is abundant with retail, recreation, and entertainment offerings catered toward families and individuals alike.
Bascom’s Senior Principal of Operations, Paul Diamond, added, “As part of our strategic renovation plot, Bascom intends to improve to unit interiors by upgrading unrenovated units as well as enhancing the property’s exteriors and community amenities. Most of the units remain in classic condition, giving our team plenty of room to implement a desirable and contemporary aesthetic while maintaining an affordable selection for residents. The Las Vegas market has exceeded growth expectations and suggests an optimistic outlook as job expansion, population growth, and housing shortages continue to drive demand.”

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