ATLANTA, GA – FCP announces the $71.1 million acquisition of three apartment communities in Douglasville and Austell, GA in the Atlanta Metro Area. The communities include: Place at Midway, a 200-unit apartment community in Douglasville, GA; Stewart’s Mill, a 188-unit apartment community in Douglasville, GA; Forest Glen, a 264-unit apartment community in Austell, GA.
The acquisition of the three communities marks FCP’s 14th investment in the Atlanta Metro Area to date and brings the total number of apartment units in its Atlanta portfolio to 2,810. FCP assumed the existing Fannie Mae loans at each property.
“This portfolio is strategically consistent with our interest in well-located workforce housing in submarkets with strong employment fundamentals,” said FCP’s Michael Errichetti. “The communities are proximate to the Fulton Industrial corridor, a thriving logistics and industrial hub in southwest Atlanta. In addition, the assets are located in the same or adjacent submarkets to three of FCP’s recent investments, providing operating efficiencies for our portfolio.”
Pinnacle will manage the properties for FCP. Pinnacle currently manages 8,566 units for FCP.
FCP extends its appreciation to Nathan Swenson of Cushman & Wakefield Southeast Multifamily Advisory Group for representing the seller.
FCM is a privately held real estate investment company that has invested in or financed more than $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.

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SAN DIEGO, CA – Affirmed Housing, People Assisting The Homeless (PATH) Ventures, elected officials, and development partners celebrated the Grand Opening of Villas on the Park in downtown San Jose, CA. The highly anticipated project opening included speakers: Cindy Chavez, Santa Clara County Supervisor; Mayor Sam Liccardo, City of San Jose; Councilmember Raul Peralez, City of San Jose, Jim Silverwood, Affirmed Housing President and CEO; Jennifer Loving, Destination: Home CEO; Jacky Morales-Ferrand, City of San Jose Housing Director; and Joel John Roberts, PATH Ventures CEO, among others. Located at 290 N. 2nd Street, Villas on the Park is one of the first all-supportive housing communities to come to Santa Clara County. Affirmed Housing has two (2) other Santa Clara County developments in its pipeline, which will add approximately 180 more affordable apartments to the region.
As a permanent supportive housing development, Villas on the Park offers social services for the formerly chronically homeless earning 30-50 percent of the area median income (AMI). The community features 83 supportive homes, with service provided by PATH, and a manager’s apartment. The six-tale, GreenPoint Rated building offers large communal spaces, offices for resident services management, a rooftop terrace with garden plots for residents, bicycle storage, a large teaching kitchen, and a unique flex space to accommodate a variety of enhanced services.
James Silverwood, President of Affirmed Housing, states, “In a region where the cost of housing is one the highest in the nation, it’s critical that we continue to make affordable and supportive housing solutions for our most vulnerable neighbors. We’re excited Villas on the Park is part of the solution in this area.”
Development partners included: Affirmed Housing, PATH Ventures, BKF Engineers, Brown Construction, Inc., Dahlin Group, DBF, DCI Engineers, Emerald City Engineers, Inc., HA Builder Group, LLC, Jett Landscape Architecture + Design, The John Stewart Company, and Tarrar Utility Consultants. Financing partners included: Bank of America, N.A.; California Community Reinvestment Corporation; CA Tax Credit Allocation Committee; City of San Jose; County of Santa Clara; County of Santa Clara Office of Supportive Housing; Housing Trust Silicon Valley; and the Santa Clara County Housing Authority.

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LAS VEGAS, NV – MODERNE Communities, a privately held residential real estate development company under the direction of real estate veteran and home builder, Randy Bury, bought 14-acres in the city of North Las Vegas. Bury plans to build a gated community with 185 single family homes offered for rent. The company recently broke ground on the new community located at North 5th Street and West Centennial Parkway.
MODERNE at Centennial will be the first purpose-built, single-tale single-family rental home community in Las Vegas. The community will include a mix of one-, two-, and three-bedroom units, ranging from approximately 640 to 1,225 square feet. In addition to gated security, community amenities will include 12 pocket parks, a community fitness center, pool, ramada and barbecue area and three electric car charging stations.
“Las Vegas offers a variety of traditional multi-family high-rise apartments, but we wanted to introduce a more innovative community concept that appeals to single professionals, young families and empty nesters that want more privacy, outdoor space and a sense of community,” clarifies Bury, founder and president of MODERNE Communities.
The contemporary style single-tale homes feature 9-foot ceilings, open kitchen living space and private backyards with doggy door access. Each home includes a technology package with keyless entry, smart home security system and access to community wide high-speed Wi-Fi. There will be plenty of parking with a mix of full garages, covered and surface parking available.
Bury adds, “MODERNE at Centennial offers residents a single-family home environment within a plotted neighborhood with two elementary schools just across the way, simple access to freeway system, nearby shopping, local job centers and downtown Las Vegas.”
MODERNE Communities will enlist a professional management company to oversee leasing and neighborhood maintenance. MODERNE at Centennial is targeted to open its leasing office by August with go-in expected to start in September.

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