Croatan Investments Announces Sale of Magnolia at Whitlock
November 30, 2020

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.

About Croatan Investments

Croatan Investments is a private equity real estate manager focused on multifamily investments.  For over 17 years, we have had a passion for uncovering new opportunities with excellent intrinsic value and the goal of preserving the trust of our investors.  With a seasoned team of real estate professionals, Croatan combines proven multifamily investment and asset management experience with deep market knowledge to opportunistically invest across each stage of the market cycle.

Croatan is headquartered in Virginia Beach, Virginia with team members located in Atlanta, Austin, Dallas, New York City, and Singapore.  Croatan’s geographic focus includes primary and secondary markets with strong economic and housing demand drivers throughout the Mid-Atlantic and Sun Belt regions. 

Croatan Investments is proud to be a certified minority-owned company. 

For more information about Croatan Investments, please visit www.croatan.com.

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