We’ve invested $5 million in the construction of a 271-unit luxury apartment community on 11 acres in the Upper Westside area of Atlanta. This investment is part of our broader strategy of providing opportunistic financing for new apartment developments in fast-growing markets around the country.
The project’s sponsor, GJ Enterprises, is locally-based, with experience in the development of apartments, townhomes, and single-family communities in Georgia and across the Southeast.
Business plan
GJ Enterprises intends to build five mid-rise apartment buildings on the property, and lease up the apartments once they are finished. Once the property is stabilized with rent-paying tenants, we expect that they will pay back our investment by selling the property or refinancing to lower-rate, long-term debt. Our anticipated timeline for this project is roughly five years.
Why we invested
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Strong local economy: Atlanta’s population growth in recent years has almost doubled the national average, while the city’s unemployment rate has remained low. The increased workforce has created a robust demand for apartments in Atlanta, a trend that we expect to continue.
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Up-and-coming location: The “Upper Westside” of Atlanta is a newly-developed community northwest of downtown, which offers new restaurants, attractions, and convenient access to downtown through the Atlanta Beltline and Silver Comet Trails.
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High-quality asset: The completed community is expected to feature luxurious amenities including private balconies, a resort-style swimming pool, and a fully-equipped fitness center.
