ATLANTA — Greystar has opened NOMIA, a 281-unit high-rise apartment community located in Midtown Atlanta. Amenities at the property, which features residences in studio, one-, two- and three-bedroom layouts, include vending service TULU, complimentary e-scooters through TULU Ride, coworking space, a spa room, rooftop swimming pool and a fitness studio. Additionally, the community will feature activations including wine tasting with Barcelona Wine Bar, instruction by Evolation Yoga Studio, boxing with Pepper Boxing Club, facials by Woodhouse Spa and rooftop spirits provided by Drop to the Rim Bartend. Monthly rental rates at NOMIA begin at $1,680, according to the community website.
COVINGTON, GA. — Brook Farm Group and Emory Equity have broken ground on The Sinclair at Callaway Farm, a 388-unit multifamily project in Covington, roughly 35 miles southeast of Atlanta. Situated adjacent to the 180-acre Covington Town Center mixed-use development, the community will feature two distinct neighborhoods comprising 11 residential buildings and amenities. SilverCap Partners provided preferred equity for the project, with construction financing provided by First Horizon Bank and TrustMark Bank. Completion is expected by the end of 2025.
FAYETTEVILLE, GA. — The U.S. Soccer Federation has selected a site in Fayetteville, 22 miles south of downtown Atlanta, to develop its new National Training Center. The facility will be located within the master-planned community of Trilith and will span more than 200 acres. The development is expected to create 440 new jobs and costs $228 million to develop, according to the State of Georgia. The National Training Center will serve as the headquarters for U.S. Soccer, which is currently based in Chicago. Plans for the facility include a dozen soccer fields; more than 100,000 square feet of indoor courts for all 27 of the U.S. Soccer national teams; and 200,000 square feet of facilities, locker rooms, meeting rooms and headquarters space for U.S. Soccer employees. The federation plans to break ground on the project in the spring of 2024. Arthur Bank, co-founder of The Home Depot and owner of Major League Soccer team Atlanta United and the NFL’s Atlanta Falcons, contributed $50 million to the development. According to U.S. Soccer, the site was chosen due to its proximity to the Hartsfield-Jackson Atlanta International Airport and Atlanta’s downtown area, optimal climate for year-round programming, the ability to impact the local …
ATLANTA — Southern California-based Goldrich Kest has purchased Novel Midtown, a 14-story apartment high-rise in Midtown Atlanta. The seller, Crescent Communities, delivered the 340-unit property in 2022. The Charlotte-based developer also recently delivered Novel West Midtown in Atlanta. The sales price for Novel Midtown was not disclosed. The property features studio, one-, two- and three-bedroom units, as well as a 3,000-square-foot fitness center, swimming pool, sky deck, outdoor kitchen, private conference rooms and coworking spaces, dog park with a pet spa and a Land of a Thousand Hills Coffee & Social on the ground level.
MCDONOUGH, GA. — McShane Construction Co. has delivered Crofthouse McDonough, a 280-unit apartment community located at 2080 Jonesboro Road in McDonough, a southern suburb of Atlanta. South City Partners is the developer of the community, which is the multifamily component of a 31-acre mixed-use development that includes for-sale homes and retail/commercial space. Designed by Dynamik Design, Crofthouse McDonough features one-, two- and three-bedroom apartments, as well as a clubhouse with a game room, fitness center and yoga room, coworking space, pet spa, resort-style swimming pool, fire pit, grilling stations, putting green, dog park and a gazebo with a TV, bar and mini fridge. Alpha Management Partners manages the community, according to the property website. Rental rates range from $1,529 to $2,339.
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 in the United States 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 U.S. multifamily deliveries stands at 376,500 units, which CBRE reports is the highest since it began tracking the metric 27 years ago. “This is historic supply,” said Todd Oglesby, managing director of Alliance Residential Co.’s Southeast division. “It’s at the highest levels since the 1980s.” Oglesby made his comments as part of a panel of developers at France Media’s InterFace Multifamily Southeast, an annual conference held on Thursday, Nov. 30 at the Westin Buckhead hotel in Atlanta. Chad Riddle, senior project manager at Bohler, moderated the panel entitled “Given the Interest Rate & Debt Market Environment, How Are Developers Making New Projects Pencil?” Throughout the full-day conference, several panelists mentioned that their firms’ …
Tidal Delivers First Southeast Mass Timber Residential Project With 389-Unit Ann Street Lofts in Savannah
SAVANNAH, GA. — Tidal Real Estate Partners, on behalf of investment vehicle Flank GP Fund I, has delivered Ann Street Lofts, a two-building residential development located at 110 Ann St. in downtown Savannah. The 389-unit property represents the first mass timber residential project in the Southeastern United States, according to Tidal. The developer and project architectural firm, LS3P, are targeting LEED Gold certification for Ann Street Lofts, which features a rooftop solar array and electric vehicle charging stations, as well as exposed timber columns, beams and ceilings throughout. Greystar manages the property, whose rental rates range from $1,712 to $3,902 per month, according to Apartments.com. Floor plans range from studios to four-bedroom apartments. Amenities include a pool, fitness center, clubhouse, movie theater, grilling areas, business center, onsite property management and maintenance, bicycle storage, pet play area and a pet washing station.
ATLANTA — Crescent Communities has opened Novel West Midtown, a 340-unit apartment community located at 1330 Fairmont Ave. in Atlanta. Situated in the city’s West Midtown district, the property features walking trails that connect to various hiking trails and a future connection to the Atlanta BeltLine; a dog park; saltwater pool with cabanas, hammocks and spa; outdoor kitchen; and a private courtyard with an elevated terrace view. Indoor amenities include a fitness center, coworking lounge, club room and a game room. The unit mix at Novel West Midtown includes studio, one-, two-, and three-bedroom residences, with 10 percent of homes designated as affordable housing. Rental rates range from $1,699 to $3,515 per month, according to Apartments.com.
EAST POINT, GA. — Global Real Estate Advisors (GREA) has brokered the $13.9 million sale of Phoenix Place Townhomes in East Point, about 3.5 miles from Hartsfield-Jackson Atlanta International Airport. Built in 1971 and located at 2420 Heaton Drive, the community comprises 144 units in one-, two- and three-bedroom floorplans. Green Forest Capital acquired the property from Pacific West Land. Taylor Brown, Mack Leath and Barden Brown of GREA represented the seller in the transaction.
CANTON, GA. — Madison Communities has broken ground on Madison Canton, a 252-unit multifamily community in Canton, roughly 40 miles north of Atlanta. Amenities at the property will include a clubhouse and fitness center, swimming pool, deck with grilling stations, dog park, dog wash and pickleball courts. Completion of the first units is scheduled for the second quarter of 2025. BenCo Construction, an affiliate of Madison Capital Group, will serve as general contractor for the project.