The strategic partnership will initially target developments in six metro areas where both companies have a “significant or growing presence”: Atlanta; Austin, Texas; Boston; Denver, Orange County/San Diego, Calif.; and Seattle.
The 355-unit building is a key element of the Midtown Union mixed-use development, which will also include a 26-story, 612,000-square-foot class A office tower, a 23-key Kimpton hotel and 32,000-square-feet of street-level retail.
The larger of two land parcels the company acquired spans 652 acres and is in Atlanta’s northwest suburb of Acworth. The future community, to be called Pinehills Trails, will offer 1,302 homes
The second phase of the community is slated for an early 2022 opening.
Developer Mill Creek is seeking to develop a 30-story tower on 10th Street NE, while Property Markets Group is proposing a 33-story building on Peachtree Street.
The sale represents the New York-based firm’s almost complete exit of the single-family rental homes it purchased in the wake of the financial crisis.
The residential portion will be known as the Abbington at Ormewood Park, while the commercial component will be called The Lodge in honor of the historic Masonic Lodge that will be the centerpiece of the development.
The Atlanta-area communities are in Alpharetta and Sugar Hill, while the Texas projects are in Frisco, Allen, McKinney, Forney, Princeton, Grand Prairie and Waxahachie.
All open-concept designs will offer three bedrooms, two-and-a-half baths and two-car garages. They will range in size from 1,671 square feet to 2,090 and be priced from the mid-$300,000s.
The amenity-rich community offers one-, two- and three-bedroom apartments, and one-bedroom rents start at $1,147, while two-bedrooms start at $1,504.