Parkland Residential Lands Financing for BTR Project
The company will add 37 more townhomes to its suburban Atlanta property.
Parkland Residential has secured an $8 million construction loan from Piedmont Bank for the second phase of Sweetwater Springs, its 95-unit built-to-rent project in Lawrenceville, Ga.
Phase One consists of 58 fully occupied townhomes completed in 2021. The current loan will finance the construction of another 37 residences across the street from the others.
Sweetwater Springs is the first build-to-rent community in Gwinnett County to offer stacked townhomes. The property currently comprises two- and three-bedroom floorplans of either 1,636 square feet or 1,958 square feet. Each unit features its own one-car garage, outdoor living area and rear-entry access.
Common-area amenities include a dog park, playground and 24-hour emergency maintenance. Additionally, Phase Two will have a shared swimming pool and cabana.
Located at 1510 Duluth Highway, the property has direct access to Interstate 85. Several restaurants, as well as retail options, are within a 3-mile radius. Downtown Atlanta is less than 30 miles south.
Last year, Atlanta occupied the third position in Yardi Matrix’s top 20 markets for built-to-rent completions, the 1,981 delivered units marking a 10-year high. The metro also ranked third for deliveries in a 5-year period, completions totaling 3,536 units.
Earlier this week, Greystar has completed a BTR community in another Atlanta suburb. The 282-unit Summerwell Parkway Village came online in Union City, Ga.
