Atlanta Beltine to offer build to rent townhomes at 72 Milton

By   – Commercial Real Estate Editor

 

A prominent Atlanta developer says it’s planning build-to-rent townhomes on the Beltline.

Pollack Shores Real Estate Group will develop the project at 72 Milton Avenue on the Southside Trail, which spans about four miles and runs through neighborhoods including Pittsburgh, Peoplestown, Chosewood Park, and Grant Park.

The new project will feature 110 build-to-rent townhomes, along with hundreds of apartments.

It’s the build-to-rent townhomes that are new to Atlanta. The two-and three-bedroom units will be 16 to 20 feet wide, include a garage, and have access to the project’s pavilion and greenspace overlooking D.H. Stanton Park.

The townhomes will rent from $2,200 to $2,900 per month. At that rental rate, the cost compares with the typical mortgage payment for a $300,000 to $400,000 home.

More build-to-rent homes are rising across the country, including Atlanta. As millennials begin to marry and start families, they want to live in cool areas of the city, but without the investment of homeownership, said Brian Oates, managing director of development for Pollack Shores.

Another challenge for millennials is finding intown housing at entry level prices.

“We see great potential in the build-to-rent single-family home category and expect these townhomes to appeal to a wide range of renters, including older millennials who need more space and want to remain intown as well as baby boomers who are downsizing and opting for urban lifestyles,” Oates said.

In 2017, 37,000 homes were built as rentals, according to the National Association of Home Builders. That number increased to 43,000 homes last year.

The project at 72 Milton is Pollack Shores’ first development featuring build-to-rent townhomes. It is looking for more build-to-rent single-family opportunities across the Southeast.

Pollack Shores also announced on Monday it has acquired the site for the residential project. The price of the acquisition was not disclosed. The developer plans to break ground on 72 Milton early next year.

The project will include 325 apartments, with 15% designated as affordable. That means about 50 units will have rents ranging between $1,110 and $1,200 per month, according to Atlanta area Workforce Housing Income standards.

The project at 72 Milton is one of several that Pollack Shores has in planning or underway on the Southside Trail. It recently submitted a rezoning application in Atlanta for a project at 1155 Hill Street. It will also soon begin delivering units at its project known as “Skylark” in Chosewood Park.

Comments

From the Web

X
X