The new community, to be known as Bryn House, will offer 337 class A+ apartments and ground-floor retail.
The completed project on Marietta Street will offer 120 residences.
The properties are part of a 42-community portfolio belonging to Philadelphia-based landlord Resource REIT Inc.
The new infill development is slated for a 1.57- acre site on Atlanta’s Westside, which has seen a surge of interest since the opening of the WestSide Reservoir Park and plans for a large Microsoft corporate center.
One of the two parcels comprising the 340-acre tract is zoned for up to 480 homes.
When completed, the refurbished property will add almost 50 micro and one-bedroom units with modern amenities to the Midtown market.
The build-to-rent communities are located in Dallas, Decatur and Winder and will be delivered over the next year.
The community is located on the corner of Eastland Road and Lake Drive and abuts Glen Emerald Park, which includes 28 mostly wooded acres surrounding a lake.
The first phase of the deal comprises 1,424 new single-family homes and townhouses in Tampa, Fla.; Atlanta and Athens, Ga.; and Pinehurst, N.C.
The Geneva-based investment and wealth-management firm rebranded the asset, which is located at 1000 Ashwood Parkway, as Westmount Ashwood.