Resia Receives $60M Loan for Atlanta Workforce Project – Multifamily Real Estate News
Resia, formerly AHS Residential, has obtained $60 million in construction financing for a 476-unit multifamily development in northeast Atlanta. Bank of America provided the loan.
Construction on the property began in the first quarter of 2022, with an estimated delivery expected in the third quarter of 2023. The new community marks the developer’s third project in metro Atlanta.
Located at 4151 Memorial Drive, the property will comprise workforce apartments across five seven-story buildings. About 20 percent of the units will be AMI restricted. The mid-rise buildings will encompass one-, two- and three-bedroom floorplans with in-unit laundry facilities and stainless steel appliances. Common-area amenities will include a business center, a clubhouse, a swimming pool, a business center and parking spots.
The property is situated near Interstate 285, within 1.7 miles of Wells Fargo Bank, 3.3 miles from downtown Decatur and The Task Force for Global Health, as well as 11 miles of downtown Atlanta. Major employers in the area include Emory University, Emory University Hospital, DeKalb Chamber of Commerce and The Coca-Cola Co., headquartered in Atlanta. The development is expected to open for residents in August 2023, according to Resia.
On a mission to solve the U.S. housing crisis
Resia’s goal is to help solve the housing crisis by bringing affordable developments to growing metro areas. The company plans to deliver 8,000 units annually by 2025. Resia is active across several Sun Belt metros, and has recently closed on another $60 million in financing for Resia Old Cutler, a 390-unit affordable housing community in Miami. One of its largest projects is Ten Oaks in West Houston, a 576-unit project expected to be completed in 2024.
Last month, Alliance Residential Co. has announced that Prose Cartersville, a project in Atlanta’s suburb Cartersville, Ga., will bring workforce housing that will allow residents to benefit from its proximity to the I-75 employment corridor.
