Elmington buys 260-unit Lawrenceville apartments for $55M from FCP
American South Capital Partners supplied $18 million of equity, roughly a third of the purchase price.
At a glance
Elmington Residential paid $55 million for The Asher at Sugarloaf, a 260-unit apartment property in Lawrenceville, Georgia, with FCP as seller, according to Connect CRE.
American South Capital Partners provided $18 million of equity for the acquisition, about a third of the purchase price.
Connect CRE says the buyer is keeping all 260 units income-restricted under a Private Enterprise Agreement with the Housing Authority of Gwinnett County.
Elmington Residential paid $55 million for The Asher at Sugarloaf, a 260-unit apartment property in Lawrenceville, Georgia, with FCP as seller, according to Connect CRE.
American South Capital Partners provided $18 million of equity for the acquisition, about a third of the purchase price.
Connect CRE says the buyer is keeping all 260 units income-restricted under a Private Enterprise Agreement with the Housing Authority of Gwinnett County. The underwriting preserves 20% of units below 60% of area median income, 30% below 80% AMI, and the remaining 50% below 120% AMI. The property, built in 2008, has one-, two- and three-bedroom floor plans.
Elmington's owned portfolio includes more than 70 properties across 10 southeastern states and nearly 14,000 units; this purchase is less than 2% of its unit count.
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