PointOne Holdings JV to Develop Atlanta-Area Community
The firm is partnering with The Residential Group to build a 256-unit property in Duluth.
Rendering of SODO. Image courtesy of PointOne Holdings
PointOne Holdings will be expanding its footprint in metro Atlanta’s Gwinnett County with plans for another community. The firm has partnered with The Residential Group to jointly develop SODO, a 256-unit community in Duluth, Ga.
The joint venture closed on the site acquisition and financing recently and expects to start construction soon. SODO’s first units are expected to come online in summer 2022.
The Class A garden-style community’s amenities will include a pool, fitness center, dog park and pet spa, fire pit with grilling areas and clubhouse with a coworking center. Ben Colonomos, managing partner at PointOne, said in prepared remarks that one of the project’s best amenities is its walkability to downtown Duluth. The area offers several restaurants and retail but the community is also located approximately 30 minutes away from downtown Atlanta.
GAINING GROUND IN GWINNETT COUNTY
Colonomos also said in prepared remarks that the firm’s portfolio now has 2,684 units under construction across nine properties with the addition of SODO. PointOne started construction on another one of those projects in May 2020, alongside its joint venture partner The NRP Group. The partnership is looking to complete its 390-unit community in Tysons Corner, Va. in summer 2022.
On top of PointOne’s SODO project in Gwinnett County, the firm is also working on a 345-unit luxury community in Suwanee, Ga., and a 312-unit community in Lawrenceville, Ga. The firm announced plans for these two nearby communities in January and expect the first units for both projects to deliver in the second quarter of 2022. PointOne, alongside two joint venture partners, has also sold its 298-unit community in Newnan, Ga. in October 2020 for $65.8 million.
