ATLANTA, June 6, 2022 - ECI Group and joint venture partner Phoenix Capital announce the start of construction of the $101 million luxury apartment and townhome development, Averly East Village, in Roswell, GA. The apartment development is designed by Rule Joy Trammell Rubio Architects with Truist providing construction financing. Averly East Village is expected to be completed in late 2024.
"The development of Averly East Village comes at a particularly opportune time, with North Atlanta experiencing explosive growth in jobs and residents. We are excited to play our part in helping to address the shortage of new housing by building luxury residential units on what was a mostly vacant strip center in the middle of the affluent Roswell area," said Jimmy Baugnon, Chief Investment Officer at ECI Group.
"Phoenix Capital is delighted to continue its long history of successful multifamily investments in the Atlanta MSA, said Phoenix Capital Partner and Senior Managing Director, Andrew Scott. "Opportunities in Roswell are rare, making this project an especially exciting addition to our Fund X portfolio."
"The redevelopment plan for the East Village Shopping Center was heavily influenced by input from neighbors and other local stakeholders," said Joe Miller, Development Manager at ECI Group. "The inclusion of live-work units in the multifamily development will help to integrate the residential component with the adjacent retail uses, and the community green and amenity pavilion to be constructed will be available for public use, making the project a focal point for the East Roswell community. We appreciate the cooperation and assistance of The Ardent Companies, which owns the retail component of the center, and of the residents of The Towns at East Village in making this redevelopment possible."
The first stages of the project include demolition of the existing vacant commercial buildings, which has already commenced, and construction of the project infrastructure.
Averly East Village will include 335 one-, two-, and three-bedroom apartments as part of the larger East Village mixed use development that will ultimately include 74 townhomes, 75,000 SF of retail, and a large public central green with pavilion. The project will present resort quality landscaping, architecture, and interior finishes.
Averly East Village features:
Expansive pool with sun shelf
Pool deck with cabanas, two outdoor kitchens, and resort style landscaping
Clubroom with gourmet chef's kitchen
Synthetic turf dog park
Dog spa
Two-story state-of-the-art fitness center
Outdoor gym
Cafe style coffee lounge with individual work from home spaces
Secure bicycle storage
Central green with pavilion
Walkable to 75,000 SF of retail
Individual apartments include:
Quartz countertops with under-mount sinks
Stainless steel appliances including French door fridge with bottom freezer
Designer cabinets and light fixtures
Tiled kitchen backsplash
Vinyl plank hardwood-style flooring in kitchens, living rooms, and baths
Private porch or balcony in each unit
Large walk-in closets
Full-size washer and dryer in each unit
Island kitchens
Ceiling fans in all bedrooms and living rooms
Floor heights vary from 9'-6" to 10'-0"
About ECI Group
For more than 50 years, ECI Group has been one of the most highly regarded, privately owned real estate organizations in the United States. The firm is fully integrated, with development, construction, investment, and property management groups that have garnered national recognition for innovation and performance in the multifamily industry. With a portfolio of more than 7,500 units located throughout the Southeast, ECI is strategically positioned to continue to be a leader in the multifamily industry. For more information, visit www.ecigroups.com.
About Phoenix Capital Management, LLC
Phoenix Capital Management is a private equity fund manager with a focus on U.S. real estate assets, specifically multifamily. Over the course of the firm's 26-year history, Phoenix has invested $1.7 billion of capital in more than 250 joint-ventures with sponsors across the U.S. Phoenix's large, diverse investor base allows the firm to be a consistent partner to its roster of developers and operators. For more information, visit www.pcpre.com.
Media Contact:
Karen Widmayer
KW Communications, LLC
karenwidmayerpr@gmail.com
301.661.1448
SOURCE ECI Group
