ATLANTA (Aug. 11, 2021) – RangeWater Real Estate and equity partner, ParkProperty Capital, today announced a new project along the Atlanta BeltLine. This marks RangeWaters’ third project along the iconic trail, one of the nation’s largest urban redevelopment projects, and ParkProperty’s second investment in Atlanta.
RangeWater will build a 325-unit apartment project in the historic Capitol View neighborhood, with two entry points to the Westside BeltLine, where paving of the trail was recently completed.
Located at 1246 Allene Ave. S.W., the 8.5-acre site formerly was the Exide Technologies battery plant. The first units are expected to be delivered in late 2022.
“Developing along the Atlanta BeltLine continues to be a focus of ours as it naturally connects our residents with their respective neighborhoods,” said Steven Shores, President & CEO of RangeWater. “Our team’s repeat investment in the Southside Trail truly aligns with our purpose of creating fulfilling experiences, encouraging a connectedness in those who choose to live with us. We look forward to delivering a multifamily community here in Capitol View that will add value for years to come.”
Called The Vivian, the project will have 3-, 4- and 5-story buildings with studio, one- and two-bedroom apartments. Amenities will include a dog park, club room, pool and fitness center.
Rents will start at $1,200 per month. Fifteen percent of units will be priced at attainable rents, per City of Atlanta’s specifications for new BeltLine projects.
“We are excited to invest with such a high-quality developer in RangeWater and grow our footprint in Atlanta where we are headquartered,” said Brendan Whalen, Managing Director of ParkProperty Capital. “This will be our second investment in Atlanta and first along the Beltline trail where we see a lot of opportunity in this historic but quickly revitalizing neighborhood. This is also the second investment through our discretionary fund platform that invests in similar development opportunities throughout the major markets in the US Sunbelt, so this is an important milestone for ParkProperty Capital on multiple fronts.”
The Vivian is just steps from Aluma, an urban farm and near Adair Park and the Annie E. Casey Foundation site at Pittsburgh Yards.
“This is the neighborhood’s first new, market-rate development in recent history,” said Brian Oates, Executive Managing Director of Development at RangeWater. “We’re excited to bring a Class A multifamily project to this quadrant of the BetlLine and to have it include high-quality, attainable homes. The Vivian will be a complimentary add to other recent RangeWater developments along the BeltLine.”
The Vivian is the third, ground-up project RangeWater is building along the BeltLine. The others are Maverick, an apartment and townhome project at 72 Milton, and Skylark, at 1099 Boulevard S.E., in Chosewood Park, both along the Southside trail.
“We’re interested in finding more projects along the BeltLine to continue to be part of this incredible revitalization movement in Atlanta,” Oates added.
About RangeWater Real Estate
RangeWater is a fully integrated multifamily real estate company creating fulfilling experiences for its partners, clients, residents and employees across the Sun Belt. The Atlanta-based company has acquired and developed nearly 29,000 multifamily units since its inception in 2006 representing in excess of $5 billion in total capitalization. RangeWater currently manages a balanced portfolio of over 56,000 multifamily units across 11 states. With offices in Atlanta, Dallas, Denver and Tampa, RangeWater targets high job growth markets with demand for new housing. For more information, visit LiveRangeWater.com.
About ParkProperty Capital
ParkProperty Capital (“PPC”) is a multifamily real estate investment firm backed by members of the Otto Family, a high-net-worth German family with over 55 years of global real estate investment experience. PPC is focused on investing in joint-venture development as well as value-add, core-plus, and core acquisitions, which may be acquired directly or with best-in-class local sponsors, throughout the US Sunbelt, Seattle, and Boston. PPC invests in multifamily real estate through a series of discretionary funds and the family balance sheet. Its US investment operations and portfolio management are based in Atlanta, GA, where it manages a rapidly growing portfolio of approximately 2,900 units, with a fund management presence in Hamburg, Germany. For more information, visit parkpropertycapital.com.