Parkland Residential secured an $8 million construction loan from The Piedmont Bank for Phase 2 of its Sweetwater Springs build-to-rent community in Lawrenceville.
Land development is complete, and framing will start soon on the 37 stacked townhomes. Sweetwater Springs Phase 1 opened three years ago and is 100% leased.
“We already have a long interest list for this second phase showing the amount of pent-up demand for rental homes in the market,” Parkland President Jim Jacobi said in a press release. “Our first resident moved in three years ago and is still living in the community. And unlike many build-to-rent communities, we still own the community and have no plans to sell.”
Phase 2, located across the street from phase one, will bring the total number of homes in Sweetwater Springs to 95. It will also add a swimming pool and cabana to the community.
The two- or three-bedroom townhomes have rear-entry access, one-car garages and open floor plans. The three-bedroom units have lofts and cover up to 1,958 square feet of living space, while the two-bedroom units provide 1,636 square feet.
Located at 1510 Duluth Highway, the community is zoned to the Peachtree Ridge High School district.
The new phase will add a swimming pool and cabana. Courtesy of Parkland Residential.