ECI Group Launches Preleasing at Georgia Property

A unit at The Corwyn Conyers in Conyers, Ga. Image courtesy of ECI Group

ECI Group and its joint venture partner The Griffin Fund have launched preleasing at The Corwyn Conyers, a Class A, 300-unit apartment community in the Atlanta suburbs.

Located at Courtesy Parkway and Old Covington Highway in Conyers, Ga., the property is one of the first new multifamily communities to be built in the rapidly growing Rockdale County and Newton County submarkets in the past 20 years. Apartments are slated to be ready at the end of August, with work on the community’s clubhouse due to wrap earlier that month.

Atlanta-based ECI Group closed on the development site in December 2021 and construction began in early 2022. Construction financing was provided by Wells Fargo and joint venture equity financing was provided by The Griffin Fund, a real estate investment fund focused on acquisitions, development, management and project finance, particularly in the multifamily space.

Regional growth

The Corwyn Conyers will feature one-, two- and three-bedroom apartments with electronic unit entry locks, open-concept floor plans and private balconies. Garages and storage units will be available for residents.

Community amenities will include a swimming pool and sun shelf, clubhouse, game and media room and health club, as well as a fitness center with a spin and yoga room. Outdoor space will include a grilling station and fire pit, community garden, dog park and pet wash stations. The property will have onsite management.

The property is near various retail options, restaurants and hotels and is in close proximity to Interstate 20, which is driving much of the growth in the region. Job growth in particular is continuing at a strong pace and modern, high-quality and well-located housing is needed, Conyers City Manager Tony Lucas said in a prepared statement.

More than 7,000 people are expected to be employed at electric vehicle maker Rivian’s planned $5 billion plant along the I-20 corridor. Other megaprojects there include a Meta Platform data center campus and new plants planned by South Korean semiconductor chip manufacturer SKC and lithium-ion battery recycler Ascend Elements, according to the Atlanta Business Chronicle. I-20 is also home to Stanton Springs, a 1,600-acre industrial park, the state-owned Georgia BioScience Training Center and a $1.2 billion plasma manufacturing plant owned by Takeda, according to the Chronicle.

ECI Deals

In July 2022, ECI Group secured a $625 million refinancing from Goldman Sachs for a 13-property portfolio located across four Sun Belt states, including Georgia. Part of the refinancing was used to renovate six properties. At that time, ECI Group also had more than 1,400 units under construction and more than 500 in predevelopment in Georgia municipalities, including Conyers, Lawrenceville and Roswell.

Last week, ECI Group acquired Longitude 81 Apartments, a 260-unit luxury multifamily community in Estero, Fla., from Passco Real Estate, with plans to rebrand it as Waterline Estero. In April, ECI Group sold The Columns at Paxton Lane, a 296-unit property in Lilburn, Ga., to InterCapital Group.