RangeWater Real Estate to Be Near Coolray Field in Gwinnett County
Thursday, June 23rd, 2022
Just minutes from Coolray Field in Gwinnett County, RangeWater Real Estate will deploy RangeWater Construction to build a beautifully designed community of townhomes, detached single-family homes and apartment homes for rent.
The multifamily developer has bought 50 acres in one of the hottest corridors in metro Atlanta, just minutes from The Exchange @ Gwinnett, a mixed-use development anchored by Top Golf and Andretti Indoor Karting & Games, and a short drive from Minor League Baseball’s Coolray Field, home of the Gwinnett Stripers.
“This is our second build-to-rent neighborhood in Gwinnett County and fourth multifamily project, so it’s fair to say RangeWater is bullish about this submarket,” said Brian Oates, Executive Managing Director of Development at RangeWater. “This area is reminiscent of The Battery Atlanta, developed by the Atlanta Braves, where we partnered to build several apartments including Home at The Battery and Spectator. Plans for Gwinnett exhibit that same kind of energy and we want to contribute with thoughtfully planned housing for its residents. Our ability to launch RangeWater Construction in tandem with the groundbreaking of The Mabry and The Margot makes this project even more exciting.”
The company hired Alp Kirmizioglu as the Director of Construction to oversee projects like The Mabry and The Margot. “We have 11,000 units in active development across eight states, so we started our in-house construction division to support our growth and help our longtime construction partners. And this 50-acre, suburban parcel is where our team excels.”
The Mabry will be part of RangeWater’s Storia division, the build-to-rent (BTR) home portfolio launched in 2020. Storia is deploying $800 million in capital across the Sunbelt to build homes for rent, with active developments along the Atlanta BeltLine; in San Antonio, Texas; and in North Boulder, Colorado. RangeWater has already built and sold The Beacon BTR community in nearby Flowery Branch. In just two years, build-to-rent neighborhoods now represent 15 percent of RangeWater’s overall management portfolio, with conventional multifamily making up the rest.
The Mabry, with 156 units, will have an array of BTR options for people who desire to rent a detached single-family home or a townhome. Floor plans will range from three to four bedrooms with two to three-and-a-half baths. Each home will have its own backyard or patio. The Mabry will have separate amenities, including a pool, events lawn, dog park and a walking trail around a scenic pond.
Meanwhile, The Margot apartment community, with 336 units, will have a terraced English garden and native plant meadow with incredible views of an infinity pool, outdoor kitchen, event space and two dog parks.
The Margot is being built with the work-from-home-era in mind. The club house will have work pods and study booths. The community also will have an on-site coffee bar, open to the public, in 1,000 square feet of retail space that will feature space for people to work.
“This community combines our build-to-rent and conventional multifamily concepts into one development, showcasing for our home state our signature RangeWater design and vision,” said Steven Shores, Chairman and CEO of RangeWater. “I’m proud of our team for seeing the energy and potential in this area. The incredible outdoor amenities will speak to the beauty of Northeast Georgia.”
Privately owned RangeWater was founded in 2006. The company acquires, develops, manages and invests in multifamily communities across the Southeastern and Southwestern United States, with a $5.6 billion portfolio.
RangeWater is expected to begin construction in July with first units expected to deliver in October 2023.