Miami-based apartment developer Resia, formerly AHS Residential, is well underway on a new 476-unit multifamily community east of Decatur.
The development, located at 4151 Memorial Drive near the intersection with Covington Highway, will comprise five seven-story buildings, and 20% of the units will be income restricted. Work began in the first quarter and is expected to wrap up in the third quarter of next year.
The project is the third Atlanta-area community for Resia, which recently closed on $60 million of construction financing with Bank of America.
“We are very appreciative to the Bank of America team for their partnership on this project,” Resia chief investment officer Carlos Gonzalez said in a press release. “We look forward to expanding our relationship as we continue to grow our presence in Atlanta.”
The community will offer one-, two- and three-bedroom floor plans, and all apartments will have modern finishes, stainless-steel appliances and in-unit laundry, Resia said. Community amenities will include assigned parking and a multipurpose clubhouse with a swimming pool and fitness center.
Resia has been an active developer, recently, and is aiming to deliver 8,000 new apartments per year by 2025.