Multifamily - Development
ACRES Capital (“ACRES”) is pleased to announce the funding of a loan which will be used to develop the first of two phases of a residential rental townhouse community in Athens, GA. The property will consist of 116 units totaling 115,278 net square feet with a unit mix of 23 one-bedroom units, 78 two-bedroom units, and 15 three-bedroom units. Amenities will include a clubhouse/leasing center, pool, fitness center, common area/kitchen, pickleball court, and a community garden. The project is expected to benefit from the area’s solid growing market, high occupancy rate and strong demographic trends in the area.
Mark Fogel, President & CEO of ACRES commented, “We believe the Sponsor’s strong track record in developing single-family homes and townhomes in conjunction with the area’s expansion and solid market characteristics make this an attractive project. The property’s proximity to the University of Georgia, regional center for medical services for two major hospitals, and home to operational centers for companies like Caterpillar contribute to the depth and desirability of this suburban neighborhood for both empty nesters and young professionals.”