ATLANTA—Manchester Place, a 308-unit apartment community in Lithia Springs, GA, has traded hands. Financial terms of the deal were not disclosed.
Josh Goldfarb, Travis Presnell, and Mike Kemether of Cushman & Wakefield represented the seller. Strand Communities sold the asset.
“Manchester Place, although well-maintained and in very good physical condition, was offered with original finishes and amenities,” Goldfarb tells GlobeSt.com. “With the growing employers and population in Douglas County, the new owner will take advantage of strong residential demand by offering a repositioned, upgraded quality community.”
Rance King Properties is the new owner of the multifamily development. This is Rance King Properties' second Atlanta multifamily acquisition facilitated by Cushman & Wakefield within a one-year period.
“The west side of Atlanta is experiencing solid job growth, capped off by the recent announcement of the new UPS logistics hub, which will add 1,250 jobs to the area,” Goldfarb says. “With only one new apartment community built within the past decade in Douglas County, Manchester Place is well-positioned to see continued rent growth for the foreseeable future.”
Manchester Place was completed in 2001. The multifamily community offers an extensive amenity package, as well as nine-foot ceilings and floor plans averaging 1,017 square feet.
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