AHS Tributary marks the multifamily developer’s first new development outside of Florida
AHS Residential is expanding its footprint beyond Florida to help meet the overwhelming demand for rental housing nationwide – and it is starting in Atlanta, Georgia, the fourth-fastest growing metro area in the country, according to the U.S. Census Bureau.
On June 29, 2021, the company broke ground on AHS Tributary, a 433-unit apartment community located in Douglasville, a suburb approximately 20 miles west of Atlanta. The Groundbreaking Ceremony was held onsite and attended by Alex Ballina, AHS Residential Director of Asset Management, members of the surrounding local community, as well as Douglasville councilmen Howard Estes and Terry Miller.
AHS Tributary will offer studio, one-, and two-bedroom floor plans in seven 5-story buildings. Apartments will feature modern finishes, stainless steel appliances, and in-unit laundry. Built with young professionals and families in mind, AHS Tributary’s well-designed amenities include assigned parking, business center, and a multipurpose clubhouse complete with a swimming pool and fitness center. In addition, the community will feature a two-story, 22,000-square-foot commercial building with 9,000 -square-foot retail space on the first floor and 13 one-bedroom lofts available for leasing on the second floor. The community is expected to be completed by first quarter in 2023.
“We are excited to be expanding our footprint beyond Florida and entering the Georgia market as the need for rental communities is on the rise across the country,” said Ernesto Lopes, President & CEO of AHS Residential. “At a time when America is facing the most severe housing shortage in generations, we remain committed to building quality apartments that are accessible to working professionals and middle-class families.”
The shortage of affordably priced housing continues to impact many parts of the country. According to HouseATL.org (a public-private taskforce in Atlanta), rental costs have increased 48% since 2010 and have outpaced wage growth in the region; 72% of Atlanta households spend 45%+of yearly income on housing and transportation; and Atlanta loses 1,500 affordable housing units annually.
AHS Residential is on a mission to help solve the U.S. housing crisis by building high-quality apartments in growing metros where many renters are getting priced out by rising rents. The company does not rely on subsidies, grants, or public financing. Founded in 2012, the company owns and manages 11 communities and over 2,500 apartment units in Florida, and is targeting the production of 5,000 new apartment units annually between 2022 and 2025 across the Southeast.
ABOUT AHS RESIDENTIAL
AHS Residential is an award-winning, vertically integrated real estate company that specializes in developing, building, and managing high-quality multifamily communities across the United States. Our mission is to deliver budget-friendly, exceptional living experiences to the nearly 12 million American households currently spending more than half of their income on rent. AHS Residential is a division of MRV&Co, one of the largest homebuilders in the world (MRVE3:BZ). For more information, please visit www.ahsresidential.com.