ATLANTA, GA – ECI Group and joint venture partner Phoenix Capital announced 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.