Alliance Residential Expands Georgia Pipeline
The firm's latest project is part of its Prose brand, geared toward developing workforce communities.
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Alliance Residential Co. has purchased 25 acres of space for the development of Prose Columbus, a 340-unit garden-style multifamily community located at 6700 River Road in Columbus, Ga. Alliance is developing the property under its Prose brand, geared specifically towards market-rate, workforce-oriented multifamily communities. Dynamik Design is planning the project, which is scheduled to open in fall of 2023. The community is being built for an undisclosed amount.
Prose Columbus is one of several of Alliance’s Prose-branded developments in the Georgia multifamily market, including Prose Cartersville; a multifamily community being built on 50 acres of land in Cartersville. Alliance has several more currently under construction around Atlanta. Another recent project is Vue Los Feliz, a 134-unit community in Los Angeles.
After its completion, Prose Columbus will offer one- and two-bedroom spaces averaging 950 square feet. Unit amenities include stainless steel appliances, kitchen islands and flexible living spaces. Community amenities will host a clubhouse, pool, office spaces, a fitness center and a pet park. The development will be situated within 5 miles of downtown Columbus.
“Our guiding question when evaluating new development opportunities is how we can impact the quality of lives in that community. We found that many people are commuting over 30-minutes to their jobs in Columbus,” Noah Randall, managing director for Alliance Residential Co., told Multi-Housing News. “There hasn’t been enough quality rental housing stock to compliment the robust demand by those looking to move to this great city for all that it has to offer. This development will bring much-needed Class-A rental housing with direct access to a combination of high-caliber jobs from Fortune 500 companies, a thriving historic downtown, quality higher education, and small local businesses to many people throughout the greater Columbus area.”
Columbus in context
For its part, Columbus is experiencing solid multifamily gains as part of Georgia’s secondary market, with 990 units total in its construction pipeline a 96.3 percent vacancy rate and a total square footage of 3.6 million, according to Yardi Matrix data. Contextualizing the purchase in this regard, Alliance Managing Director Noah Randall said in prepared remarks, the city of Columbus is the economic anchor of the Chattahoochee Valley region, and with access to a workforce and talent pool in West Central Georgia that is unmatched for a region of its size, the robust economy is poised to continue expanding.
