A joint venture of Haven Communities and Asia Capital Real Estate (ACRE) has kicked off construction of The Cove at Covington Town Center, a 350-unit luxury apartment community in suburban Atlanta. According to the partnership, the residential project is the first market-rate development to rise in the area in more than 20 years.
Financing for the community is being provided by IberiaBank and Great Southern Bank. Terms of the financing were not disclosed.
The three-story residential property will rise within Covington Town Center, a 131-acre mixed-use development in Covington, Ga., about 35 miles east of downtown Atlanta. The community will have a mix of studio, one-, two- and three-bedroom units, as well as a number of townhome layouts. Unit sizes will range between 620 and 1,945 square feet.
Resident amenities at the property will include a clubhouse, swimming pool, coworking spaces, fitness center, dog park and pet spa. The project is being developed as a walkable community that is close to the mixed-use offerings of Covington Town Center, which will include entertainment, dining and other retail, according to Foxfield Co., the firm behind the development.
Haven Communities’ Founder & CEO Jay Williams said in prepared remarks that in developing the property, his firm “recognized the need” for more rental apartments in the area. The Covington market has been growing quickly over the last several years, as jobs continue to be added to the economy, according to The Covington News. In September, Facebook announced it would invest $1 billion into expanding a data center in Newtown County, about 12 miles east of Covington.
Last month, ACRE provided a $78.5 million bridge loan to City Club Apartments to finance the final phase of construction on the developer’s 288-unit luxury apartment building in downtown Detroit. ACRE provided the loan through its ACRE Credit debt fund.