Rockworth Pays $49M for Georgia Rental Asset
- Aug 21, 2019
Rockworth Acquisitions bought Mandalay Villas, an apartment community in McDonough, Ga., for $48.75 million. The seller, Bluedog Capital Partners, was represented by Cushman & Wakefield’s Mike Kemether, Travis Parnell and Alex Brown in the transaction.
Located at 1395 Towne Centre Village Drive, the 300-unit Mandalay Villas is nearly 94 percent occupied, according to Yardi Matrix data. The Class A property is split into units of one-, two- and three-bed setups with private entrances, a patio or balcony, attached garages. The apartments average a rent of $1,374 per month, Yardi Matrix data shows.
The list of amenities at Mandalay Villas includes a swimming pool, outdoor fire pit, fitness center, dog park, laundry facilities and a clubhouse with a resident lounge. The community, which was completed in 2007, will undergo unit, interior and amenity upgrades according to Rockworth.
Busy in Atlanta
The Cushman & Wakefield team also represented Bluedog in another nearby sale in Atlanta. Bluedog recently sold Stonegate at Eagle’s Landing at 700 Rock Quarry Road to The Radco Companies for $25.1 million. Similar to Mandalay Villages, the 167-unit apartment community offers one- to three-bedroom units with several amenities. The new owner is also planning to conduct a $1.2 million capital improvement plan that would modernize the units, common areas and amenities.
In a prepared statement, Kemether said that both Mandalay Villas and Stonegate at Eagle’s Landing benefitted from a central location being located in and close to Atlanta, but added they were different products with Mandalay being more of a spacious “big house” product while Stonegate was already a sound investment.