The joint venture of Novare Group, PointOne Holdings and Batson-Cook Development Co. has broken ground on a 330-unit luxury multifamily community in Acworth, Ga., a suburb of Atlanta. City National Bank is providing the debt financing. Dynamik Design is the project’s architect, while Stratus Construction serves as general contractor. First units are expecting delivery in October 2024.
This project represents the 38th joint venture between Novare Group and BCDC, as well PointOne Holdings’ 20th multifamily development. Upon completion, the community will include 20 carriage homes featuring private garages, as well as ample outdoor greenspace.
Located on 20 acres at 5950 Highway 92, roughly 30 miles north of downtown Atlanta, the development site has access to interstates 75 and 575. The property is next to the Cherokee Commons Shopping Center and also close to various retail and dining options along Wade Green Road.
At the end of 2023’s first quarter, there were 38,105 units under construction in Atlanta, representing one of the largest supply pipelines across the Sun Belt, a recent Yardi Matrix report shows. This year through March, 1,386 apartments have been delivered, accounting for 0.3 percent of existing stock and matching the national completion rate. Furthermore, 144,000 units were in the planning and permitting stages.
