Resia (formerly known as AHS Residential) announces it has closed on construction financing for a 476-unit apartment community located in northeast Atlanta.
Resia (formerly known as AHS Residential) announces it has closed on construction financing for a 476-unit apartment community located in northeast Atlanta. Bank of America provided the $60 million construction financing for this project. The project broke ground in the first quarter of 2022 and is expected to be delivered in the third quarter of 2023.
“We are very appreciative to the Bank of America team for their partnership on this project. We look forward to expanding our relationship as we continue to grow our presence in Atlanta,” said Carlos E. Gonzalez, chief investment officer for Resia.
This will be Resia’s third project within the Atlanta metropolitan area. Located at 4151 Memorial Drive, the new Resia community will deliver 476 workforce units across five 7-story mid-rise buildings, with a portion of those units, 20%, being AMI restricted.
With one-bedroom, two-bedroom, and three-bedroom floor plans, all apartments will feature modern finishes, stainless steel appliances, and in-unit laundry. Resia communities are built with young professionals and families in mind and include desirable amenities like assigned parking, business center, and a multipurpose clubhouse complete with a swimming pool and fitness center.
Resia is rapidly scaling up its development activities with the goal of delivering 8,000 new apartments annually by 2025. The company is on a mission to help solve the U.S. housing crisis by building quality apartments in growing metros where many renters are getting priced out by rising rents.
