by D.C. Stribling
Titan Real Estate and Investcorp International have sold Manchester at Mansell, a 468-unit multifamily property in Roswell, Ga., for an unspecified price. The buyer of the property at 401 Huntington Dr. was a private investor.
According to Yardi Matrix data, Titan acquired the property in 2015 from Ares Management for $48.5 million, or about $103,600 per unit. Ares had acquired the property out of foreclosure five years earlier for considerably less, about $27.1 million. This is the second property sold by the joint venture that had also been under the ownership of Ares, following the deal for the Chatsworth aparment community in Atlanta earlier this week.
Completed in 1984, Manchester at Mansell features one-, two- and three bedroom units with average rents ranging between $799 and $1355 per month. Common amenities include a clubhouse, two swimming pools, two tennis courts, a fitness center, playground, cyber café, and sand volleyball court.
Suburban Atlanta Keeps Growing
CBRE’s Kevin Geiger led the team that represented the sellers, while CBRE’s Richard Jordan arranged acquisition financing for the buyer. “The community is surrounded by major employers, such as General Motors, AT&T, and Jackson Healthcare, which recently announced an expansion designed to accommodate 1,400 additional employees over the next five years,” Geiger said.
Over the last 24 months, the North Fulton office market—which the apartments are near—has completed nearly 2.8 million square feet of lease transactions, more than comparable submarkets like Midtown, Buckhead, or Cumberland/Galleria. Due to a robust technology infrastructure, more than 600 technology companies call nearby Alpharetta home, including 15 enterprise and co-location data centers.
Image courtesy of Titan Real Estate