Joint Venture Starts Atlanta-Area Townhouse Community
The build-to-rent development is on track for completion next year.
A rendering of the project, which is located in Cartersville, Ga. Image courtesy of BCDC, Macallan Group and McNeal Development
Joint venture partners Macallan Group, McNeal Development and Batson-Cook Development Co. have started construction of a 97-unit build-to-rent townhouse community in the Atlanta suburb of Cartersville, Ga. The project is slated to deliver the first units in the second quarter of 2025.
The partners, who are teaming up for their first project, recently closed on financing for the development. First Carolina Bank is the lender on the project and Middleburg Communities is the joint venture’s preferred equity partner. Patterson Real Estate Advisory Group assisted with the capitalization of the project. Further details related to the financing could not immediately be learned.
Crawford Creek Communities is the general contractor on the project, while RangeWater Real Estate is handling leasing and management.
Located on Peeples Valley Road, the townhouse community will be minutes from downtown Cartersville and near Piedmont Cartersville Hospital and Cartersville Country Club. The property is located near Atlanta, which is accessible via the Interstate 75 corridor.
An influx of manufacturing jobs is expected to continue driving housing demand in the metro. The 16-building project is located on more than 19 acres. It will feature two-story townhouse-style homes that offer a mix of three- and four-bedroom layouts in units ranging from 1,530 to 1,703 square feet. The 97 townhomes will have driveway parking, private garages and outdoor space.
Investing in Atlanta properties
While it is their first project with BCDC, Macallan Group and McNeal Development have worked together in the past. In August 2022, the two firms were part of a development team that began construction of a 214-unit property in Gainesville, Ga. That project is set to deliver this spring and will comprise three buildings with studios and one- and two-bedroom apartments. It is located near Northeast Georgia Medical Center and Lee Gilmer Memorial Airport.
BCDC, a wholly-owned subsidiary of Kajima USA that provides development and capital solutions for commercial real estate projects, has also been active in the Atlanta area. In October, BCDC and Vista Residential Partners sold Sweetwater Vista Apartments, a 300-unit garden-style community in Douglasville, Ga., to an undisclosed buyer. Completed in 2021, it was the first multifamily development delivered in Douglas County in more than a decade.
