Crescent Opens 300-Unit Atlanta Community
Construction financing includes a $44 million loan.
Crescent Communities has officially opened RENDER Turner Lake, a 300-unit community in Covington, Ga., an Atlanta suburb. This marks the company’s second project in the city.
Crescent started construction on the five-building project last year using funds from a $44 million loan originated by Santander Bank in November 2023, according to Yardi Matrix information. That note is set to mature in October 2027.
Located at 7900 Kaplan Lane, Crescent Communities is close to several retail options and less than 2 miles from downtown Covington. Downtown Atlanta is 34 miles away, while Hartsfield-Jackson Atlanta International Airport is 36 miles southwest.
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The four-story community comprises one-, two- and three-bedroom apartment homes. Units range from 720 to 1,376 square feet and have private balconies or patios.
Common-area amenities include a fitness center, clubhouse, swimming pool, as well as grilling stations and multiple outdoor gathering areas. The property also has central hub for recreation and relaxation dubbed Social Green that features a sand volleyball court, putting green, hammock yard and outdoor kitchen with bar seating.
Crescent’s growing presence in metro Atlanta
Since its founding, Crescent Communities’ development portfolio comprised more than 95 multifamily communities. Currently, the firm has 15,300 units under construction.
In metro Atlanta, the company has multiple projects in the works. One of them is RENDER Douglasville, a 300-unit project that is expected to come online early next year. The firm also recently closed on land purchase for a 151-unit single-family rental development in Lawrenceville, Ga.
This summer, Crescent Communities and equity partner Phoenix Capital Management opened RENDER Stockbridge, a 297-unit property in Henry Country, Ga. That project broke ground in 2023.
