JV Begins Construction of Atlanta Project
Render Covington will be this suburb’s first new multifamily community in 15 years.
A joint venture of CP Capital US and Crescent Communities has begun development of the Render Covington multifamily community in Newton County, Ga. The 315-unit property is the first multifamily project in Covington in 15 years, following the city lifting a moratorium on new apartment construction in January 2021, according to a release.
“The greater Atlanta area has proven to be an extremely high-growth market in recent years. We are excited to be partnering with Crescent to deliver more affordable multifamily housing in the area and generate value for both our investors and the surrounding communities,” Jeremy Katz, co-head of CP Capital, told Multi-Housing News.
The three-story Render Covington is being developed on 19 acres of land along Highway 278 located between Martin’s Crossing Shopping Center and Henderson Drive. Unit amenities will include stainless-steel appliances, stone-surface countertops, and vinyl wood flooring. Resident amenities will feature a fitness center, a resort-style swimming pool, a dog park, a bicycle gear garage and detached garages.
The property will also be the first multifamily community with direct access to the Eastside Trail. The 2.5-mile greenway opened in early 2013 and runs from Chimney Park to Eastside High School. Eastside Trail connects residents to local restaurants, bars and shops in downtown Covington.
Render Covington’s main street will be named Delk Drive as a tribute to Cheryl Delk, a local community member and one of the driving forces behind the Eastside Trail.
The property is 8 miles from the Stanton Springs industrial park and the I-20 manufacturing and distribution corridor, giving residents access to nearby job opportunities with a wide range of firms that include Takeda, Facebook and Rivian.
The partners expect to break ground on Render Covington this month, with the first units slated for delivery in May 2023 and project completion by January 2024. Render Covington was designed by Dwell Design Studio and Fortune Johnson is serving as general contractor.
Render Covington is the first residential project developed under Crescent Communities’ Render brand. The property is the firm’s eighth multifamily project in Atlanta. Crescent plans to develop Render communities in other cities throughout the Sunbelt.
There are 280 multifamily properties with a total of 65,084 units within 5 miles of Atlanta, according to Yardi Matrix. Developers have 36 properties with a total of 9,657 units under construction and have plans for another 44 properties with a total of 9,043 units. The 77 prospective multifamily projects in the works could add 20,654 units to the city’s inventory.