Construction financing has been obtained and ground broken on a new rental community development near the Eastside Beltline Trail in Atlanta.
The 205-unit property located at 982 Memorial Drive, is being developed by Urban Realty Partners (URP) and Prestwick in conjunction with capital advisor Patterson Real Estate Advisory Group. URP and Prestwick will finance the development, aided by a Patterson-arranged loan provided by Principal Real Estate Investors, as well as limited partner equity furnished by Humphreys Capital.
“The Memorial Drive corridor recently has experienced surging growth and institutional investment resulting primarily from the expansion of the Beltline’s Eastside Trail; 982 Memorial is located a couple blocks from the Beltline with the added benefit of being across the street from a new Publix-anchored retail center,” Bill Mealor, senior managing director of Patterson’s Atlanta office, told Multi-Housing News.
“Having delivered and sold two recent multifamily projects, The Leonard and The George, Urban Realty Partners (has) previous experience in the market (that) enables them to build a thoughtfully-designed project catering to the latest demand trends.”
Last week, Greystone arranged refinancing for an Atlanta-area community.
The five-story apartment community will feature studio and one-bedroom residences for the most part. It was designed to provide a transition between the commercial corridor of Memorial Drive and the residential neighborhood near that highly-trafficked street. Located within an historic enclave, the apartment community will put residents across the street from Madison Yards, a one-year-old retail development featuring an AMC movie theater complex built in response to the successful extension of the Eastside Beltline Trail.
URP has developed properties in the Reynoldstown and Grant Park submarket for years, it said in a statement. Having delivered developments at rents lower than many comparable new higher-end apartment communities, the company intends to accomplish that goal again with 982 Memorial Drive.