AHS Residential Lands $47M Loan for Atlanta Project
- Aug 05, 2021
AHS Residential has secured a $46.5 million financing for the construction of AHS Tributary, a 433-unit mixed-use community in Atlanta’s suburb of Douglasville, Ga. PNC Bank provided the loan.
The project broke ground in June and is scheduled for completion in the first half of 2023.
AHS Tributary encompasses seven five-story buildings. Floorplans feature studios and one- and two-bedroom apartments. All units will offer in-unit washers and dryers and stainless-steel appliances. Planned amenities include a business center, a clubhouse, a swimming pool and a gym.
Development plans also call for a two-story, 22,000-square-foot commercial building with 9,000 square feet of ground-floor retail, as well as a freestanding retail building totaling 5,000 square feet.
AHS Residential owns 11 assets in Florida and is currently expanding to Texas as well as Georgia.
Atlanta multifamily looking up
Atlanta is one of the southern metros that has seen a demographic increase due to migration. Population gains led to rents increasing by 13.3 percent year-over-year in June, more than double the national average over the same period, according to a recent Yardi Matrix national report.
The metro’s new-supply pipeline has also surpassed the national average. As of June, some 89 multifamily properties were under construction in Atlanta, totaling 20,400 units. The 7,200 units completed year-to-date added up to 2.9 percent of the metro’s existing inventory, Yardi Matrix data shows.
One of the top multifamily projects under construction in Atlanta will add 700 units to a $1 billion mixed-use redevelopment in the Martin Luther King Historic District.