239-unit rental townhome project slated for land south of Indian Creek MARTA stationA rendering of the planned town home project. Image provided to Decaturish
This story has been updated.
Stone Mountain, GA — A developer is planning a large rental townhome project south of the Indian Creek MARTA station and is interested in the property’s proximity to Avondale Estates.
Nathan Kaplan, a partner in the family firm Kaplan Residential, confirmed the company’s plans to build 239 town homes on the 30-acre site which the company recently purchased.
Kaplan said the company hopes to break ground in September, but noted the current construction market is turbulent with the costs of goods going up and workers in short supply.
The company is interested in being close to Avondale. The project, which is technically located in unincorporated Stone Mountain, will be called Generation Avondale East, minutes away from downtown Avondale.
“Downtown Avondale is exciting,” Kaplan said.
The project will be a mix of one, two and three-bedroom units, and will be about three stories tall. Units will have dedicated garages. Rents will start at $1,600 a month for a one bedroom and go up to $2,300 for a three-bedroom home. All homes will be rented at market rates, he said.
The professionally managed community will offer amenities, including a 7,000 square foot clubhouse, a fitness center, yoga, a coworking space, a resort-style pool area with tanning ledges, lounging areas, and an outdoor grilling area. The architect is Niles Bolton and Brock Built Homes is a partner.
Kaplan noted that his company is a third-generation multifamily development firm with decades of experience building in the Atlanta area. The company’s other projects include Generation Atlanta on Olympic Park Drive and Square One in Sandy Springs. His company has noticed development in DeKalb moving eastward beyond Decatur.
“Obviously, people want to be in Decatur,” Kaplan said. “It has restaurants, retail, jobs. A lot of the growth we’ve seen has moved east a bit to Avondale estates. They’ve seen three or four large scale apartment jobs … So we see this area by Redan [Road] as the next frontier of development. There are a few projects that might be in the works over there. … You have great access to the highways over there. Obviously, you have MARTA. From a lifestyle standpoint, we feel like it checks all the boxes. From an accessibility standpoint, it checks the boxes.”
The Atlanta Business Chronicle, which first reported the news about the project, said the Paideia School sold the property to Kaplan and Cushman and Wakefield was the broker. The sale closed on June 30, the Business Chronicle reported.
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