D.C. Real Estate Investment Company To Build Mid-Rise Rental Apartment Complex in Atlanta
- Jan 18, 2008
Atlanta–Perseus Realty Partners, headquartered in Washington, D.C., recently entered into a joint venture with Atlanta-based J. Tucker Development Partners, Inc. to develop Ashton Hills, a new 225-unit, mid-rise rental apartment community in Atlanta.”We saw this as an opportunity to take advantage of the strong Atlanta apartment market,” says T.J. Hofheimer, Director of Perseus Realty Partners. “We liked this specific site because of its access to major interstates and its location next to the Embry Village shopping center.”Ashton Hills will feature one-, two- and three-bedroom apartments ranging from 673 to 1,366 square feet. The development also will have a swimming pool, business center, fitness center and clubhouse.”New supply has been held in check in the Atlanta market over the past few years,” Hofheimer says. “We feel the development will complement the other properties in the neighborhood and will appeal to a wide array of renters.”Ashton Hills is Perseus Realty Partners’ first investment in Atlanta and first joint venture with J. Tucker Development Partners. The complex is scheduled to deliver in the second quarter of 2009.Perseus Realty Partners is a fully-integrated, private equity real estate investment management firm and the manager of the Perseus Capital City Fund, a middle market real estate opportunity fund.J. Tucker Development Partners is a land acquisition and real estate development company specializing in developing mixed-use, single-family, multifamily and new urban traditional neighborhood communities.