Crescent to Build SFR in Suburban Atlanta
The project is the latest closing in a $345 million joint venture.
Crescent Communities has closed on the land purchase for the development of HARMON Cedar Run, a 151-unit single-family rental development that will be located in the Atlanta suburb of Lawrenceville, Ga.
HARMON Cedar Run, being built on 38 acres, is the developer’s first project in this submarket and the latest in a $345 million joint venture with Heitman in which the latter firm serves as an equity partner. The fund primarily targets investments in fast-growing markets in Arizona, Florida, Georgia, North Carolina, Tennessee and Texas. Since last year, the partnership has grown by $110 million, and it is expected to close on a sixth investment.
Sumitomo Forestry Co., Ltd. affiliate DRB Group will serve as the project’s homebuilder. The first residents are expected to move in later this year. At opening, the community will offer three- and four-bedroom single-family homes and townhouses. Amenities will include covered seating areas, a multi-purpose sports court, a pool and expansive green spaces. A network of sidewalks and walkable trails will lead to surrounding nature areas.
According to Tony Chen, senior managing director at Crescent Communities, the company’s intention is to build an interactive neighborhood as an infill site in a well-established community.
“Lawrenceville offers the right combination of job growth, quality schools, and access to regional employers, which makes it an attractive location for a wide range of renters,” Chen told Multi-Housing News. “Its proximity to major corridors like I-85 provides convenient access to metro Atlanta, while nearby parks and family-friendly attractions reflect the lifestyle preferences of our target residents.
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HARMON Cedar Run is 30 miles northeast of Atlanta and is near key employment and lifestyle hubs including the expanding Northside Hospital Gwinnett. Georgia Gwinnett College, a Publix distribution center and Primerica’s corporate headquarters.
Atlanta activities
HARMON Cedar Run will be Crescent Communities’ 13th multifamily investment in the greater Atlanta market.
Last October, the developer closed on the a 59-acre land purchase for the development of RENDER Douglasville, a 300-unit apartment community located in the Atlanta suburb of the same name. It is expected to open early next year.
