LITHONIA, GA-Variant Commercial Real Estate reports it has acquired a 280-unit multifamily property in the Atlanta suburb of Lithonia.

The La Jolla, CA-based private real estate investment firm, acquired the Oaks at Stonecrest, which totals more than 270,000 square feet of living space. No terms of the transaction were disclosed. The units average 995 square feet in size.

Variant plans to make minor exterior renovations and has retained CFLane as the new property manager for the Oaks at Stonecrest in order to bring the property back to strong occupancy levels that are in line with the submarket, company officials state.

Variant Managing Director Dan Wesson says of the acquisition, “We currently have over 7,000 units in our commercial portfolio. We are excited to add this property to our three other multifamily properties in the Southeast.” The company states that it is looking to acquire additional assets in the Atlanta area market and in the Sunbelt region.