A five-story apartment community is being built near the Atlanta Eastside Beltline trail, real estate finance advisory firm Patterson Real Estate Advisory Group, announced in a news release.
Atlanta-based developers Urban Realty Partners are behind the Reynoldstown neighborhood project known as 982 Memorial, a 205-unit multifamily development comprised primarily of studio and one-bedroom units, according to the release.
The property will be located on Memorial Drive, two blocks from the Atlanta Beltline extension at Bill Kennedy Way and across from the Publix-anchored Madison Yards retail development, according to the release.
Robert Hughes, a development partner at Urban Realty, said average rent for the property will be $1,600 a month. The project costs $45 million, Hughes said, adding the development will include a small amount of neighborhood retail on the ground floor.
The development is expected to be complete by the first quarter of 2022, Hughes said.
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Urban Realty is also behind several developments in Atlanta including The Leonard and The George, both in Grant Park, and GlenCastle an adaptive reuse of the former Atlanta jail.
Urban Realty Partners and Prestwick Companies are financing the development with a loan from Principal Real Estate Investors arranged by real estate advisory firm Patterson Real Estate Group, according to the release. Limited partner equity will be provided by real estate investing company Humphreys Capital, also sourced by Patterson.
“This development is planned to be a thoughtful transition between the commercial corridor and residential neighborhood in a highly walkable environment,” Executive Vice President of Development at Prestwick Companies Chuck Young said in the news release. “We are thrilled to partner with Urban and add to the fabric of this historic neighborhood.”
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