200+ Unit Multifamily Project in ATL Breaks Ground; Part of $1B Development Pipeline
Friday, November 18th, 2022
Kaplan Residential, a multi-strategy real estate development firm, in partnership with New York City-based real estate investment firm Dune Real Estate Partners, announced today the groundbreaking of Avondale East, the first multifamily project to result from a programmatic joint venture partnership between the entities. An additional partner on Avondale East is an affiliate of Brock Built Homes.
Situated at 3940 Redan Road in Metro Atlanta’s Dekalb County, Avondale East will feature 239 townhomes amidst 20 acres with first units slated for delivery in Summer 2023. One, two- and three-bedroom floorplans come with personal garages and range from 1,050 to 1,613 square feet. A thoughtful amenity program was curated to establish an enhanced living experience that celebrates wellness, community and connectivity, both inside and out. The destination will include an 8,000-square-foot clubhouse, state-of-the-art fitness center, co-working space, lounge/socializing area, resort-style pool, walking trails, ample green space, pocket parks, and fire pits.
“In response to unparalleled rental demand throughout Atlanta and the Southeast, partnering with Dune Real Estate Partners allows us to usher an enhanced build-to-rent product to the market,” said Morris Kaplan, Founder and President of Kaplan Residential. “Our firm was one of the first developers to introduce timely, vibrant build-to-rent concepts to Metro Atlanta more than 20 years ago through Townhouse Atlanta, and Generation Avondale East brings this evolution full circle.”
Atlanta’s population growth -- welcoming 65,000 new residents in the last 12 months according to The Atlanta Regional Commission – combined with the surge in pricing of single-family homes and mortgage rate hikes, results in the multifamily market remaining an opportunistic venture.
“We are pleased to partner with Kaplan Residential, a leader in the Southeast market, to bring this differentiated project to life,” said Daniel Neidich, Chief Executive Officer of Dune Real Estate Partners. “Dune remains focused on investing in multifamily properties in high-growth U.S. markets with attractive fundamentals like Metro Atlanta and looks forward to collaborating with the Kaplan team on future high-quality development projects that foster community growth.”
Located steps away from the Indian Creek MARTA station and Electric Owl Studios, the world’s most environmentally friendly movie studio currently under construction, the Avondale East provides unparalleled convenience and accessibility to upscale neighborhoods like Downtown Decatur and Avondale Estates. It is also in proximity to Atlanta’s most iconic destinations, like the Georgia Aquarium, Centennial Olympic Park, World of Coca-Cola, and Mercedes-Benz Stadium.
A talented team was tapped to fulfill the vision of Avondale East. This includes architecture by Niles Bolton Associates; interiors by Focus Design Interiors; Brock Built Homes as general contractor; and civil engineering by J Lancaster Associates, Inc.