Regal Communities Purchases Atlanta MHC
Forrest Street Partners sold the property after three years of ownership.
Forrest Street Partners has sold Dogwood Blossom, a manufactured housing community totaling 78 homesites in Douglasville, Ga.
New York-based Regal Communities paid $8.2 million for the property, according to Douglas County public records. The same source shows that Five Star Bank originated a $4.9 million acquisition loan set to mature in 2034.
First Horizon Bank was also involved in the deal as banking partner, with BWE Investment Sales handling the sale of the all-age community.
Property improvements for increased occupancy
Forrest Street Partners acquired Dogwood Blossom in 2021 and, since then, it has added 61 new home lots and upgraded the property. Improvements included roads and parking spots repaving, sewer enhancements, water line repairs, power and landscaping improvements, new community signage and enhanced amenities. Additionally, Forrest Street Partners also connected the property to the city water supply. At the time of the sale, occupancy at the property was 96 percent, up from only 20 percent three years ago.
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Located at 4021 Anneewakee Road, Dogwood Blossom spans across 24 acres in an area with multiple retail and dining options. With easy access to Interstate 20, the property is 19 miles from Hartsfield-Jackson Atlanta International Airport, 22 miles from Marietta, Ga., and within 23 miles of downtown Atlanta.
The southeast area has seen several other MHC deals this year. For example, Bedrock Communities acquired a 200-homesite community in Lakeland, Fla., for $10 million. In the Fayetteville, N.C., area, an entity related to Hilton Cos. purchased three properties within a 35-mile radius of each other for a combined $5 million.
