CP Capital US Announces Development in Covington, Georgia with Crescent Communities
Jan 10, 2022
315-unit community will help meet rising demand for rental housing in high-growth Atlanta submarket
January 10th, 2022 – CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, today announced a joint venture with Crescent Communities (“Crescent”), a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities, to develop ‘Render Covington’ – a 315-unit multifamily community in Covington, Georgia.
Located on Highway 278 between Martin’s Crossing and Henderson Drive, the Render Covington project is located in Newton County, approximately 35 miles southeast of Atlanta. Render Covington will feature Class A unit interior finishes such as stainless-steel appliances, stone-surface countertops, and vinyl wood flooring. Community amenities will include a fitness center, resort-style swimming pool, dog park, bicycle gear garage and detached garages.
The project is expected to break ground in January 2022. First units are expected in May 2023, with construction expected to be completed in January 2024. It will be only the second multifamily community delivered in Covington in the last 15 years, due to a moratorium on apartments that was lifted in January 2021.
“The Atlanta apartment market has been one of the best-performing markets in the country since the onset of the pandemic, with continued economic recovery and in-migration leading to strong demand,” said Jeremy Katz, Co-Head of CP Capital. “We look forward to partnering with Crescent to deliver a brand new, modern multifamily community that fulfills the ever-present need for affordable rental housing in the area.”
Situated on 19 acres of land, the three-story, surface-parked property is adjacent to Martin’s Square – a soon-to-be-renovated shopping center anchored by an Ingles supermarket and multiple restaurants.
The development will also benefit from its proximity to the thriving I-20 manufacturing and distribution corridor, as residents will have ample access to nearby job opportunities with renowned companies including Three Ring Studios, Facebook and Takeda Pharmaceutical. The project will also be the first multifamily community with direct access to the Eastside Trail, a 2.5-mile multi-use greenway that will connect residents to local restaurants, bars and shops located in historic Downtown Covington.
“With very few entitled multifamily sites existing in Covington, the demand for rental housing is extremely high, with comparable properties in the area all fully leased,” said Kyle Brock, Crescent Communities’ Managing Director, Georgia. “We’re thrilled to bring our first joint venture with CP Capital to Covington, a city that is filled with charm and unique opportunities for both families and working professionals.”