Crescent Communities Kicks Off Development in Atlanta
- Feb 09, 2017
Sandy Springs, Ga.—Crescent Communities has secured financing for a multifamily rental community now underway in metro Atlanta’s Perimeter neighborhood. The property, Crescent Perimeter, will consist of 320 apartments, ranging from one to three bedrooms.
Located at 5755 Glenridge Road in Sandy Springs, Ga., Crescent Perimeter will be four and five stories surrounding a parking deck within the 26-acre Lakeside office park just north of I-285. Crescent Communities expects the first residents to move into Crescent Perimeter in the third quarter of 2018.
The Central Perimeter business district is a major regional center that’s recently attracted a number of major companies, including the headquarters of Mercedes-Benz USA, State Farm and The Weather Channel. Crescent’s new apartments will also serve employees of metro Atlanta’s largest concentration of hospitals and medical offices, known as Pill Hill.
“The job growth in Atlanta, especially in Central Perimeter, has created strong demand for housing,” said Kyle Brock, managing director in Crescent’s Atlanta Office. The Charlotte-based company has previously been active in greater Atlanta: it developed central Buckhead’s Crescent Terminus (now Berkshire Terminus), and is planning a 25-story tower near Lenox Square and a project called Crescent O4W apartments in the Old Fourth Ward.
Crescent’s equity partner in the Crescent Perimeter development is Bluerock Residential, part of New York-based Bluerock Real Estate LLC. The general contractor is Fortune-Johnson Inc. of Norcross, Ga., while Fortune-Johnson is currently grading the site and preparing it for vertical construction.