NEW YORK, NY - AREA Property Partners has acquired Manchester at Mansell and Chatsworth Apartment Homes, two rental properties in the Atlanta area, the firm announced. AREA purchased the two properties with a total 878 units for $50.4 million from RBC Capital Markets Corporation, which foreclosed earlier this year. An extensive renovation program had been undertaken by the previous owner that included both exterior and apartment renovations and was completed in 2009. AREA plans to fully utilize the property's low interest cost tax exempt bond financing for this acquisition; the amount of bond financing that runs with these properties is significantly in excess of the asset purchase price, the firm said.
Source: AREA Property Partners
"We were able to acquire these complexes at a substantial discount and with renovations completed, the properties have future potential for rental rate growth to be more in line with the market," said Richard Mack, AREA North America chief executive officer. "The Atlanta rental market is poised for strong growth over the next two or three years, with little new construction in the pipeline and projected increases in population and employment."
Manchester at Mansell, located at 401 Huntington Drive in Alpharetta, is a 468-unit garden style apartment community consisting of one, two and three bedroom units ranging from 890 square feet to 1,418 square feet. Property amenities include two swimming pools, a fitness center, a business center, a playground, three tennis courts and a volleyball court. Located at 4700 North Hill Parkway along I-285, Chatsworth Apartment Homes is a 410-unit garden style apartment community located inside the perimeter just minutes from Buckhead and the Central Perimeter. Similar to Manchester at Mansell, Chatsworth Apartment Homes offers tenants a mix of one, two and three bedroom units ranging in size from 950 square feet to 1,435 square feet and features two pools, a clubhouse and a tennis court.
AREA Property Partners, formerly known as Apollo Real Estate Advisors, is a leading international real estate investor and fund manager on behalf of prominent government and corporate pension funds, sovereign wealth funds, insurance companies, foundations, endowments, and high net worth individuals. Since the firm's founding in 1993, AREA Property Partners has overseen the establishment of multiple real estate funds and joint ventures totaling $13 billion in equity commitments for investments in the United States and globally. Its funds have collectively invested in over 500 transactions with an aggregated value in excess of $60 billion. The firm has offices in New York, Atlanta, Los Angeles, San Francisco, London, Paris, Luxembourg and Mumbai.