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Atlanta Metro to See Major Housing Development

New housing development in Atlanta with modern apartments

News Summary

Vida Cos., a local multifamily and build-to-rent developer, is set to add 725 new housing units in the Atlanta metro area through two significant projects: GuildHouse and Carrena Apartments. With a funding initiative of $47 million, the developments aim to meet the rising demand for rental properties in the region. The GuildHouse will feature modern amenities while Carrena Apartments offer diverse layouts across from a major retail hub. These projects come amid a slowdown in multifamily construction, signaling a strategic move to address housing needs in the evolving metro area.

Atlanta Metro to See Major Housing Development

Atlanta continues to be a focal point for real estate development as Vida Cos., a local multifamily and build-to-rent developer, embarks on an impressive housing project aimed at significantly enhancing the metro area. With plans for two key developments, Vida Cos. is set to introduce a total of 725 new housing units to meet the growing demand for rental properties in the region.

Funding Initiatives and Development Plans

To finance this ambitious venture, Vida Cos. is launching the Vida Opportunities Fund I, targeting an equity raise of $47 million from accredited investors. This funding will support two projects within the Atlanta metro area, consisting of:

GuildHouse – 393 units, including 39 build-to-rent townhouses and a 354-unit apartment complex, located on a 7-acre site.
Carrena Apartments – 332 units, featuring options for one-, two-, and three-bedroom layouts, situated across from the Mall of Georgia in Buford.

Details of the GuildHouse Development

The GuildHouse is planned to be a vibrant community space at 2085 Marietta Blvd and will be equipped with a range of modern amenities. These include:

Commercial space
Pocket park
Coffee bar
Coworking spaces
Saltwater pool
Pet spa
Sky lounge

Carrena Apartments Overview

The Carrena Apartments project sits on an 11-acre site just off Interstate 85 in Gwinnett County and is designed to cater to a diverse set of renters. Rents for the units are projected to average around $2,000 per month, offering convenient access to one of the area’s busiest retail hubs.

Financial Backing and Future Investments

The overall construction for these projects is estimated to cost around $214 million. Funding will derive from various sources, including:

The $47 million equity fund from investors
$13 million from Vida and general partners
Additional senior debt
Preferred equity

Vida has already secured $5 million in initial funding and is actively pursuing an additional $19 million through negotiations, highlighting a strategic approach to financing.

Market Conditions and Future Projects

As the housing market in Metro Atlanta experiences a slowdown in multifamily apartment construction, with less than 20,000 units expected by the end of 2024—marking a significant drop since 2021—Vida Cos. is poised to fill the gap in the market. The company’s president remarked on the increased rental demand compared to new unit deliveries in the area.

Vida Cos., founded in 2021, is not only focusing on these current projects but also has more developments in the pipeline. Upcoming projects include Verona, a garden-style apartment complex in Fairburn, and Solara Powder Springs, with both to be financed via traditional methods.

A Strategic Approach

In its development strategies, Vida is not aiming to overcrowd multiple projects under a single fund, ensuring better management and focus on each undertaking. As the Atlanta metro area continues to evolve, projects like these signify an essential step toward meeting the housing needs of the community.