ATLANTA — Stryant Investments has broken ground on Ralph David House, an adaptive-reuse development that converts a former motel in Atlanta’s Reynoldstown neighborhood into 54 units of permanent supportive housing. The community will be affordable to households earning at or below 30 percent of the area median income. Rents and utility costs combined will also be capped at 30 percent of each tenant’s income. The complex is slated to open in the fall of 2024. Atlanta Beltline Inc. invested $550,000 into the project through the BeltLine’s TAD Increment Fund, which …
ATLANTA — Multifamily developers are bracing for the uncertainty of 2024 as their projects are delivering into a landscape where new supply is outpacing demand by a significant margin. In the third quarter, a total of 114,000 new multifamily units were delivered compared to 82,100 absorbed, according to research from CBRE. The absorption figure is technically rebounding as it represents the highest quarterly figure since early 2022, but there is still a sizeable delta compared to supply growth. The trailing four-quarter total for multifamily deliveries stands at 376,500 units, which …
SAVANNAH, GA. — CBRE has provided a $27.7 million acquisition loan for Canvas at Savannah, a 300-unit affordable housing community located at 5110 Garrard Ave. in Savannah. Blake Cohen of CBRE’s Atlanta office originated the Freddie Mac loan on behalf of the borrower, Miami-based One Real Estate Investment. The seller was not disclosed. Canvas at Savannah was built in 2003 and recently renovated. The garden-style community features one-, two- and three-bedroom units, as well as amenities such as a fitness center, coffee bar, package lockers and a pool.
FAYETTEVILLE, GA. — Parkland Communities has received zoning approval from the City of Fayetteville’s Planning & Zoning Commission the development of Morgan Park, a 124-unit build-to-rent community. Situated on 9.3 acres roughly 22 miles outside of Atlanta, Morgan Park will offer two- and three-bedroom townhome-style units. Each unit will include a clubhouse, pool, cabana and dedicated mail kiosk. Monthly rental rates at the community will begin at $2,400. A construction timeline for the project was not disclosed.
NORCROSS, GA. — FIDES Development has finished constructing The Perry, a 160-unit community located at the intersection of Jimmy Carter and Peachtree Industrial boulevards in the Atlanta suburb of Norcross. The garden-style community offers amenities such as a lounge for hosting guests, a pool, lobby, bike room, coworking space, a mail room, pet spa and a gym. Ware Malcomb designed the interior architecture and amenity spaces. General contracting services for the project were provided by Fortune-Johnson.
SAVANNAH, GA. — JLL Capital Markets has arranged $4 million in acquisition financing for Alice Hall, a 14-unit building within Savannah’s historic district. JLL worked on behalf of the borrower, The AltAccom Group, to secure the three-year loan with two one-year extensions from the lender. Jonah Aelyon, Sarah Murphy and Ethan Habecker led the JLL Capital Markets debt advisory team. Built in 2007, Alice Hall offers 14 units across three stories. Units come in two- and three-bedroom floor plans. The AltAccom Group plans to convert the units from term tenancy to short- and …
ROSWELL, GA. — Berkadia has brokered the $70.5 million sale of Grace Apartment Homes Roswell, a 396-unit multifamily property in the northern Atlanta suburb of Roswell. Andrew Mays, Paul Vetter, Matt White, Judy MacManus and Ian Shaw of Berkadia represented the seller, MSC Investment, in the deal. RH Investment Management purchased the property. Grace Apartment Homes Roswell offers one-, two- and three-bedroom units. Amenities include a pool, fitness center, clubhouse and a business center.
DULUTH, GA. — Cushman & Wakefield has arranged the sale of SODO Duluth, a 257-unit community in the Atlanta suburb of Duluth. The Residential Group and PointOne Holdings sold the property to Weinstein Properties for an undisclosed price. Robert Stickel, Alex Brown, Ashlyn Warren and Michael Kay of Cushman & Wakefield represented the sellers in the deal. SODO Duluth was recently built earlier this year. According to the property website, units come in studio, one- and two-bedroom floor plans. Amenities include a clubhouse, fitness center, pool, dog park, barbeque and picnic area, …
VININGS, GA. — GID has acquired ARIUM Vinings Station, a 315-unit community in the Atlanta suburb of Vinings, for an undisclosed price. The garden-style community offers amenities such as a dog park, pool, fitness center, grilling areas, clubhouse, tennis court and business center. GID plans to renovate sixty percent of units with modern finishes and update the fitness center, pool, tennis court, dog park and leasing center. The property will be rebranded as “Windsor Vinings.”
ATLANTA — Equus Capital Partners Ltd. (Equus Capital) has sold Madison Druid Hills, a 500-unit garden-style community in Atlanta’s Druid Hills neighborhood. The company sold the asset on behalf of its Equus Investment Partnership X LP investment vehicle. David Gutting of Newmark represented Equus Capital in the deal. The buyer was not disclosed. Since its acquisition of Madison Druid Hills in 2017, Equus Capital completed a multimillion-dollar capital improvement program that included new roofs, exterior paint, clubhouse renovations, the addition of a dog park and green upgrades, including water efficient …