Just months after breaking ground on a 114-unit, build-to-rent townhome community in Lawrenceville, Parkland Communities is moving forward with another project just down the road. 

The Alpharetta developer recently acquired a 5.5-acre site at 3535 Sugarloaf Parkway, just north of Sugarloaf Landing at 3440 and 3460 Sugarloaf Parkway. The new community, Sugarloaf Crest, will feature 67 stacked townhomes. 

Sugarloaf Crest will feature 67 stacked townhomes. Courtesy of Parkland Communities.

Parkland financed the land acquisition with a $5.5 million senior loan from Forman Capital. The loan is secured by two of the firm’s development sites in Stonecrest: a 32-acre parcel approved for 129 single-family homes and a 30-acre site that will be developed with 260 build-to-rent townhomes. Parkland will use some of the loan proceeds to pay off debt on these properties, which are located near Hayden Quarry Road and Turner Hill Road. 

“This was an opportunity to assist an existing client while investing in future rental housing in a supply-constrained market that is undergoing rapid expansion,” Forman Capital Chief Investment Officer Scott Mehlman said in a press release. “As one of the most prolific build-to-rent developers in Georgia, Parkland is creating new housing opportunities to meet the needs of the growing population.”