ECI Group Acquires Multifamily Site and Breaks Ground on Apartments in McDonough
Thursday, July 30th, 2020
ECI Group, an Atlanta-based multifamily owner and developer, has, with partner Parse Capital, closed on the acquisition of a 28.3 acre multifamily site in the rapidly growing Atlanta suburb of McDonough, GA and begun construction of Columns at South Point, a 260-unit, $45 million luxury apartment community. The Columns at South Point will be constructed by ECI Construction with construction financing provided by Wells Fargo Bank, N.A. The first units are expected to be delivered by the end of 2021 with project completion in the first quarter of 2022.
“ECI is excited to begin construction on the Columns at South Point and is proud to be creating needed homes and jobs even as the pandemic continues,” said ECI Capital President, James “Jimmy” Baugnon. “Residents of this community will be able to walk to over 700,000+ square feet of retail, dining and entertainment amenities at the nearby South Point shopping area while enjoying the finishes and quality of our newly developed apartments.”
The Columns at South Point is located on South Point Boulevard, immediately adjacent to the South Point shopping center. The McDonough/Henry County area is a rapidly growing region with one of the lowest vacancy rates in the Atlanta area. The one, two and three-bedroom units will feature market leading luxury appointments such as granite counters, modern subway tile backsplashes, stainless steel appliances, designer light and plumbing fixtures, and wood look vinyl tile flooring. Community amenities will include a zero-entry pool, fitness center, 3,000 square foot clubhouse, dog park, automated package lockers, pet care center and community garden.
ECI Group and Parse Capital would like to extend their appreciation to Sean Henry of Capstone Equity Solutions for facilitating the equity financing of the project.