This Week's Atlanta Deal Sheet: RangeWater Making Another BTR Play In Atlanta
A year after its pivot to build-to-rent, Atlanta-based RangeWater Real Estate is moving forward on another single-family rental community in Metro Atlanta.
RangeWater has broken ground on a $140M, 50-acre community at 2274 Azalea Drive in Lawrenceville that will include 156 single-family, build-to-rent homes in a development called The Mabry, as well as a 332-unit apartment complex called The Margot.
Last year, RangeWater began work on Storia, a BTR community in Flowery Branch, 25 miles north of its Lawrenceville project, which involves nearly 200 houses. Earlier this year, RangeWater disclosed that it managed 20 SFR neighborhoods in 10 states and was awarded another 50 neighborhoods throughout the Sun Belt region.
In conjunction with its latest BTR project, RangeWater also established a new construction division called RangeWater Construction, which is overseeing the development of 620 apartment and single-family units across the country, valued at $120M. RangeWater also is planning to develop another 800 units worth $140M next year, according to a press release.
DEVELOPMENT
Selig Enterprises is installing a 105-foot-long bridge that will connect Ansley Mall to the Atlanta BeltLine’s Northeast Trail. The bridge will run adjacent to the property and will give access to Ansley Park and Piedmont Heights neighborhood residents direct access to the BeltLine. The bridge is expected to open in late 2023.
LEASES
Calloquy, PBC, a virtual litigation and remote disposition platform for the legal community, inked a 12K SF headquarters lease at 271 17th St. in Atlantic Station. Its main office is currently at 2282 Defoor Hills Road, which it plans to keep as its technology hub.
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Law firm McGuireWoods has signed a 34K SF lease to occupy a portion of the 34th floor and all of the 35th floor at 1075 Peachtree St., the 700K SF office tower in Midtown. Cushman & Wakefield Managing Director John Winter, Executive Director Shea Meddin, Director Molly Millard and Senior Vice President John Pritzlaff brokered the deal for McGuireWoods. Stream Realty Partners Managing Director Peter McGuone represented the landlord, MetLife.
FINANCINGS
JLL assisted PMG and Canadian private equity firm Greybrook in securing a $182M construction loan for Society Atlanta, a 460-unit mixed-use apartment tower at 811 Peachtree St. Related Fund Management and an undisclosed life insurance company provided the loan. The project is expected to be completed by late 2024.
PERSONNEL
Nobu has tapped Michael Chin as the general manager of the 152-room Nobu Hotel Atlanta slated to open this fall. Chin, who has more than 20 years of hospitality management experience, will supervise the day-to-day operations of the Nobu Hotel, part of the redevelopment of Phipps Plaza.
Chin most recently acted as the regional director for Nobu Miami and Chicago and previously managed other high-end hotels across the country, including The Drake Hotel in Chicago.
