A joint venture of CP Capital United States and Red Crescent Communities began the development of the multi-family community of Render Covington in Newton County, Georgia. The 315-unit property is the first multi-family project in Covington in 15 years, following the city’s lifting of a moratorium on new apartment construction in January 2021, according to a statement.
“The greater Atlanta area has proven to be a very strong growth market in recent years. We are delighted to partner with Crescent to provide more affordable multi-family housing in the area and generate value for both our investors and the surrounding communities, ”said Jeremy Katz, Co-Director of CP Capital. New multi-dwelling units.
The three-story Render Covington is developed on 19 acres of land along Route 278, between Martin’s Crossing Mall and Henderson Drive. Unit amenities will include stainless steel appliances, stone countertops and vinyl flooring. Facilities for residents will include a fitness center, resort-style swimming pool, dog park, bicycle garage and self-catering garages.
The property will also be the first multi-family community with direct access to the Eastside Trail. The 2.5-mile greenway opened in early 2013 and runs from Chimney Park to Eastside High School. Eastside Trail connects residents to local restaurants, bars and shops in downtown Covington.
The main street of Render Covington will be named Delk Drive in honor of Cheryl Delk, a member of the local community and one of the driving forces behind the Eastside Trail.
The property is eight miles from Stanton Springs Industrial Park and the I-20 Manufacturing and Distribution Corridor, giving residents access to nearby employment opportunities with a wide range of businesses that include Takeda, Facebook and Rivian.
The partners expect to innovate on Render Covington this month, with the first units scheduled for delivery in May 2023 and project completion by January 2024. Render Covington was designed by Home design studio and Fortune Johnson serves as a general contractor.
Render Covington is the first residential project developed under the Render brand of Crescent Communities. The property is the company’s eighth multi-family project in Atlanta. Crescent plans to develop rendering communities in other cities of the Sunbelt.
There are 280 multi-family properties with a total of 65,084 units within an 8-mile radius of Atlanta, according to Yardi Matrix. The developers have 36 properties with a total of 9,657 units under construction and have plans for 44 other properties with a total of 9,043 units. The 77 potential multi-family projects under construction could add 20,654 units to the city’s inventory.