June 16, 2022

RangeWater Launches Construction Company, Closes on a 50-Acre Site with Build-to-Rent and Multifamily Product Planned

Multifamily developer will build two communities and debut RangeWater Construction in fast-growing Gwinnett County: The Mabry, with 156 build-to-rent single family homes, and The Margot, with 332 apartment homes

BUFORD, GEORGIA (May XX, 2022) – Just minutes from Coolray Field in Gwinnett County, RangeWater Real Estate will deploy RangeWater Construction to build a beautifully designed community of townhomes, detached single-family homes and apartment homes for rent.

The multifamily developer has bought 50 acres in one of the hottest corridors in metro Atlanta, just minutes from The Exchange @ Gwinnett, a mixed-use development anchored by Top Golf and Andretti Indoor Karting & Games, and a short drive from Minor League Baseball’s Coolray Field, home of the Gwinnett Stripers.

“This is our first build-to-rent neighborhood in Gwinnett County and fourth multifamily project, so it’s fair to say RangeWater is bullish about this submarket,” said Brian Oates, Executive Managing Director of Development at RangeWater. “Our team has not delivered such a large residential offering since The Battery Atlanta where we partnered to build 800+ units in the immediate neighborhood surrounding Truist Park. Plans for Gwinnett exhibit a similar energy. Our ability to launch RangeWater Construction in tandem with the groundbreaking of The Margot makes this project even more exciting.”

RangeWater hired Alp Kirmizioglu as the Director of Construction to oversee projects like The Mabry and The Margot. “With 11,000 units in active development across eight states, we knew establishing an in-house construction division was necessary to support our long-term growth ambitions,” said Kirmizioglu. “This opportunity to build this project in our own backyard at the onset is ideal.”

The Mabry will be part of RangeWater’s Storia division, the build-to-rent (BTR) home portfolio launched in 2020. Storia is deploying $800 million in capital across the Sunbelt to build homes for rent, with active developments along the Atlanta BeltLine; in San Antonio, Texas; and in North Boulder, Colorado. RangeWater also developed The Beacon BTR community in Flowery Branch. In just two years, build-to-rent neighborhoods now represent 15 percent of RangeWater’s overall management portfolio, with conventional multifamily making up the rest.

The Mabry, with 156 units, will have an array of BTR options for people who desire to rent a detached single-family home or a townhome. Floor plans will range from three to four bedrooms with two to three-and-a-half baths. Each floorplan will have its own backyard or patio. The Mabry will have separate amenities, including a pool, events lawn, dog park and a walking trail around a scenic pond.

Meanwhile, The Margot apartment community, with 332 units, will have a terraced English garden and native plant meadow with incredible views of an infinity pool, outdoor kitchen, event space and two dog parks.

“This community combines our build-to-rent and conventional multifamily concepts into one development, showcasing for our home state our signature RangeWater design and vision,” said Steven Shores, Chairman and CEO of RangeWater. “I’m proud of our team for seeing the energy and potential in this area, as well as choosing The Mabry as an ideal project to dig our shovels in to launch RangeWater Construction.”

Privately owned RangeWater was founded in 2006. The company acquires, develops, manages and invests in multifamily communities across the Southeastern and Southwestern United States, with a $5.6 billion portfolio.

RangeWater is expected to begin construction in July 2022, with plans to deliver the first units in September 2023.