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

“We were able to acquire these complexes at a substantialdiscount and with renovations completed, the properties have futurepotential for rental rate growth to be more in line with themarket,” says Richard Mack, AREA North America CEO. “The Atlantarental market is poised for strong growth over the next two orthree years, with little new construction in the pipeline andprojected increases in population and employment.”

Located at 401 Huntington Drive in Alpharetta, Manchester atMansell is a 468-unit garden style apartment community with one-,two- and three-bedroom units ranging from 890 square feet to 1,418square feet. The property offers two swimming pools, a fitnesscenter, a business center, a playground, three tennis courts and avolleyball court.

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