Four Hundred Sixty-Eight Units At Fifty-One Percent More

An affiliate of Related paid approximately $110 million for Manchester at Mansell, a 468-unit complex in Roswell, Georgia, north of Atlanta. That works out to roughly $235,043 per unit. The seller was Post Real Estate Group, which paid $72.5 million in 2018 — about $154,914 per unit.

The property was built in 1984. Units run 857 to 1,540 square feet, with advertised rents starting near $1,330, or roughly $1.55 per square foot per month against the smallest floor plan. The amenity set — pool, fitness center, clubhouse, tennis court — is standard 1980s garden-style product.

The eight-year gain is 51.7%, a 5.34% compound annual rate. That is unremarkable, and it embeds a period of historically cheap debt that no longer exists.

This is the ordinary end of the market doing something the day's office trades could not: printing a number. Multifamily sellers disclose because disclosure supports the rest of their book. A $235,043-per-unit print in Roswell is a data point every other owner along the Mansell Road corridor can use. Office sellers face the mirror image of that calculus.

On fundamentals, the buyer is underwriting 42-year-old mechanical systems, envelopes and plumbing at a basis 51.7% above the last owner's. Capital reserves, not rent growth, will decide this deal.

Implication: the spread between what multifamily discloses and what office conceals is now wide enough to distort cross-asset allocation models that rely on transaction evidence.

Contested: Multi-Housing News characterized the same $110 million transaction as Related and Rockpoint realizing proceeds rather than acquiring. Commercial Real Estate Direct and Connect CRE both report Related's affiliate as buyer and Post as seller. Direction of the trade is unresolved between outlets.