(Read more on the multifamily market.)
ATLANTA-Locally based Cortland Partners has begun construction on the $26.6 million, 222-unit Avalon Ridge Apartments at 183 Mt. Zion Rd. The complex will consist of four, split-level buildings and will include both market rate and workforce housing.
Units will be one-, two- or three-bedroom apartments built in the Craftsman style. Among interiors features are granite countertops, wood cabinetry and pre-wiring for high-speed Internet access. The clubhouse and amenity buildings will wrap around a central courtyard with a swimming pool, playground and picnic areas.
"We worked closely with neighbors to plan the community and develop programs for the residents, then partnered with neighbors and government officials to properly zone the site--now designated as a Housing Enterprise Zone--and secure an inducement of tax exempt municipal bonds," says Cortland Partners president Steven DeFrancis, in a prepared statement.
Cortland Partners development director Colin Edelstein tells GlobeSt.com that construction began in October with the first residents are expected to move in summer 2008, with full completion of the project in winter. Edelstein says that target rents for the project have not yet been determined. "The property is located in southeast Atlanta in a rapidly growing urban area with a need for rental units," Edelstein says. "We felt that including workforce housing was an important part of this project."
Other project Cortland Partners is developing in Atlanta include Avalon Park, a project that will include a mid-rise building that caters to seniors and a garden-style community that caters to all ages, and the 154-unit Ivy Park town home project.
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