In two weeks, the 344-unit Estates at Crossroads will be ready for occupancy in Gwinnett County. The development cost was $20 million, Michael Morgan, CEO of the Morgan Group, tells GlobeSt.com.
Located across the street from the Gwinnett Mall at Pleasantdale Road and Peachtree Industrial Boulevard, the project will include one-bedroom and two-bedroom apartments priced from $600 to $1,100 a month. The units will range from 700 sf to 1,200 sf. The three-story asset will have surface parking and separate garages.
A $17-million construction loan for the Crossroads property was provided by Guaranty Bank, based in Houston, Morgan says. The apartments are part of the Crossroads, an existing master-planned community that has a mix of office, retail and residential uses.
In four months, the Morgan Group plans to open the Estates at Dunwoody Forest, a 224-unit luxury complex in the Dunwoody section of Atlanta.The one-bedroom and two-bedroom units, which range in size from 700 to 1,400 sf, will rent for $700 to $1,200 a month. The four-story Dunwoody community will also include an outdoor swimming pool, parking and separate parking garages.
The development cost was $20 million. First Union, an Atlanta-based bank, provided a $16-million construction loan for the Dunwoody complex.
"These developments mark our entrance into the Atlanta market," Morgan tells GlobeSt.com. "We have watched Atlanta for a few real estate cycles now. When the economy is expanding, Atlanta usually leads the country in job growth. Although the economy is not in great shape right now, we wanted to be positioned here as a long-term player. We're not in it for the short-term." Morgan says he is looking for a joint-venture partner for future projects.
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