ECI Group, Parse Capital Break Ground on Atlanta-Area Property
Soon after acquisition of the 28.3-acre site, the partners have begun construction of Columns at South Point in McDonough, Ga.
ECI Group and partner Parse Capital have acquired a 28.3-acre site in McDonough, Ga., and begun construction of Columns at South Point, a 260-unit, $45 million luxury multifamily community. The first units of the project in the fast-growing Atlanta suburb are expected to be delivered by late 2021 and the entire development should be completed by the first quarter of 2022.
The Columns at South Point will be constructed by ECI Group, an Atlanta-based multifamily owner and developer. Construction financing was provided by Wells Fargo Bank, N.A. Sean Henry of Capstone Equity Solutions facilitated the equity financing of the project.
Located on South Point Boulevard, the multifamily community will be within walking distance of the South Point shopping center, which has more than 700,000 square feet of retail, dining and entertainment. The property will have one-, two- and three-bedroom units with luxury finishes and appliances including granite counters, subway tile backsplashes, stainless steel appliances, designer light and plumbing fixtures and wood-look vinyl tile flooring. Community amenities will include a zero-entry pool, fitness center, 3,000-square-foot clubhouse, dog park, automated package locks, pet care center and community garden.
ECI Group has more than 7,500 multifamily units throughout the Southeast. The privately owned company acquired The Ellis, a 235-unit luxury apartment community in Savannah, Ga., from Brand Properties and Mariner Group in November for $48.2 million. More recently, ECI Group opened Columns on Main, a 310-unit multifamily property in Spring Hill, Tenn., a suburb of Nashville. In March, ECI Group and Centurion Asset Management opened Estero Parc, a 198-unit luxury apartment community near Fort Myers, Fla.
Based in Scottsdale, Ariz., Parse Capital is a commercial real estate finance company that provides capital to financial sponsors to acquire, recapitalize and develop multifamily properties. In February 2019, Parse Capital was the equity partner in a joint venture with NRP Group that built The Axiom at Cabin Branch, a 272-unit rental community in Clarksburg, Md.