ATLANTA-AREA Property Partners has acquired Manchester at Mansell and Chatsworth Apartment Homes, two multifamily properties in the Atlanta area. Together, the properties sold for $50.4 million. AREA acquired the properties from RBC Capital Markets Corporation, which foreclosed on them earlier this year.

“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,” says Richard Mack, AREA North America CEO. “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.”

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