Crescent Communities Opens 300 Units in Suburban Atlanta
CIBC Bank provided a construction loan.
Crescent Communities and equity partner Phoenix Capital Management, has opened Render Stockbridge, a 297-unit multifamily community in Henry County, Ga., located about 20 miles southeast of downtown Atlanta. Construction began in late 2023, facilitated by a $45 million construction loan by CIBC Bank USA.
The property offers a mix of one-, two-, and three-bedroom residences in three stories on just over four acres. Rents range from $1,378 a month to $2,091 a month.
Render Stockbridge features such amenities as a resort-style pool with an outdoor amenity space with a deck, a firepit and grills, coworking spaces with private offices and conference rooms, two dog parks, and a fitness center equipped with yoga and spin equipment.
Henry County has access to major employment centers, including Delta Air Lines, the Georgia International Convention Center, Hartsfield-Jackson Atlanta International Airport and the Kaiser Permanente Southwood Comprehensive Medical Center.
The county has seen considerable growth recently, with its population up 7.7 percent between 2020 and 2024, according to Census Bureau data. Median gross residential rents in the county in the four years ending in 2023 averaged $1,538 a month.
Developing in a growing suburban market dovetails with the Crescent Communities’ own growth strategy, notes Eric Liebendorfer, Georgia managing director for Crescent, in a statement. A total of 11 multifamily communities has been delivered or is underway by Crescent in metro Atlanta, totaling more than 3,000 units. Other brands besides Render include Novel and Harmon.
In May, Crescent closed on the land for the development of Harmon Cedar Run, a 151-unit single-family rental development in the Atlanta suburb of Lawrenceville, Ga. The project is a joint venture with Heitman, which is an equity partner.
Crescent Communities Construction, the company’s in-house construction company, served as Render Stockbridge’s general contractor. Dwell Design Studio is the project’s architect, with Ironwood Design Group handling landscape architecture and Thomas & Hutton its civil engineering.
Uneven fundamentals in A-Town
Multifamily deliveries in the greater Atlanta market remained elevated in Q1 2025, totaling 2,548 units , while another 28,837 units were underway as of March, according to Yardi Matrix data. Occupancy in stabilized properties was nearly stable due to strong absorption, down only 10 basis points year-over-year, to 92.5 percent in February.
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Average advertised asking rents were unchanged on a trailing three-month basis, at $1,637 in March, which contributed to a 1.6 percent slide in rents year-over-year Yardi Matrix reports. That put Atlanta behind the nation, with the U.S. rate up 0.1 percent on a quarterly basis and 1 percent year-over-year.
The market continues to be supported by incoming population. Atlanta population growth remained robust in recent years, turning in an 18.9 percent increase between the 2010 Census and 2022, well above the 8.9 percent national rate.
