RK Properties has acquired Manchester Place, a 308-unit multifamily property in Lithia Springs, Atlanta, Ga.
“We believe this asset is consistent with our disciplined underwriting criteria that meets the requirements of our investors for preservation of capital, reliable monthly income, appreciation, and tax benefits,” said Steve King, Vice President of Long Beach, California-based RK Properties.
RK Properties focuses on acquiring multifamily assets in strong locations with historical rent growth and a value-add opportunity.
Manchester Place is a Delaware Statutory Trust structure, offering investment opportunities for 1031 exchange buyers and direct capital investors.
Built in 2001, Manchester Place is a 308-unit class A community situated on 38.688 acres, with one-, two- and three-bedroom apartment homes some being Townhome style with attached garages with an average of 1,017 square feet. The complex is currently 96 percent occupied.
RK Properties is implementing an improved marketing and value-add campaign targeted towards repositioning the Property with improved rents and management. The Company will immediately implement interior upgrades including faux hardwood flooring, stainless steel appliance packages, new finishes, and washers and dryers in all units. It believes these upgrades will justify average rent increases of $75 to $125 per month, depending on unit sizes. Planned exterior building enhancements include the pool area, fitness center and office upgrades, and roof replacement.
