Croatan Investments (Croatan) with partner, FCP, announces the sale of Magnolia at Whitlock Apartments to Cannell Capital Partners. The 152-unit community is one of the most affordable in the Marietta submarket and, since its acquisition in 2016, has benefited from significant capital improvements, various value-add projects, and asset preservation initiatives totaling approximately $2.2 million.
“Our investment in Magnolia at Whitlock is a great example of our opportunistic approach to multifamily,” said Paul Van, Chief Executive Office and Chief Investment Officer of Croatan. “Our strategy and execution performed beyond our expectations and we are thankful to celebrate this success with a partner like, FCP.”
“With our partners at Croatan, we are proud to have achieved our goals for Magnolia at Whitlock,” said FCP’s Cristina Istrate. “Atlanta continues to be one of FCP’s most active markets. We will continue to source new investments here as Atlanta’s resilient and diverse economy drives job growth throughout the region.”
Magnolia at Whitlock consists of primarily two and three-bedroom units with in-unit washers and dryers and spacious floor plans. The property received improvements to common areas, amenities, and in unit renovations and is proximate to leading employers Lockheed Martin and Dobbins Air Force Base, as well as the new SunTrust Park and historic downtown Marietta. The preservation of Magnolia at Whitlock as a workforce housing community amidst increased development of new market rate apartments and homes was central to the partners’ business goals for the property.