ECI Group JV Kicks Off $101M Atlanta Redevelopment
The 335-unit project is slated for completion in 2024.
ECI Group and Phoenix Capital have begun work on Averly East Village, a 335-unit project in East Roswell, Ga. Truist Financial Corp. provided construction financing for the $101 million luxury development that is set to be completed by the end of 2024.
Rule Joy Trammell Rubio Architects designed the project, which will be built on the site of a former strip center. The first stage of the project includes demolition of the existing vacant buildings and construction of the infrastructure.
Upon completion, Averly East Village is slated to encompass one-, two- and three-bedroom apartments. Interiors will feature walk-in closets, stainless steel appliances, washers and dryers in each unit and private balconies, among others. Common-area amenities will include a swimming pool, clubhouse, fitness center, café lounge, dog park and spa.
The community will be part of the larger East Village, a mixed-use development near Holcomb Bridge Road and approximately 25 miles from Atlanta. Averly will be the residential component of a development that will also include retail space owned by The Ardent Cos., according to a prepared statement from ECI Group Development Manager Joe Miller.
According to a recent Yardi Matrix report, 26,018 units were under construction in the Atlanta area in the first quarter of 2022, with two-thirds of them in urban submarkets. Nearly 77 percent of the apartments underway in the metro catered to the upscale segment.