Long Beach, CA, Feb. 06, 2018 (GLOBE NEWSWIRE) -- RK Properties (www.RKProp.com) announced that it 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.
Mr. King noted that 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 (DST) 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 SF. Current rents average $1,043 per month, and the complex is currently 96% occupied.
The community’s amenities include a swimming pool, clubhouse, business center, fitness center, grilling and picnic areas, car-care center, and detached and attached garage parking. Each apartment home features central air conditioning and heat, vaulted ceilings, fully equipped kitchens, walk-in closets, and washer/dryer hook-ups.
RK Properties is implementing an improved marketing and value-add campaign to reposition 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.
RK Properties has been successful in upgrading units in this manner at other RK-owned and operated assets in similar submarkets, and intends to follow the same successful formula of high quality components and attention to detail to achieve optimum rent premiums at the Property.
RK Properties has a 40-plus year track record, dating back to 1976, in the multifamily apartment market. To date, the Company has purchased and managed over $1.5 billion in assets across the country.