Joint Venture Bringing 325-Unit Luxury Apartment, Townhome Community to Cumberland/Galleria/Battery Market
Simpson Housing, Novare Group and Batson-Cook Development Co. (BCDC) will break ground this month on a 325-unit Class A apartment community on a 4.3-acre high profile site on Cumberland Boulevard in Cobb County.
The unnamed development will include a five-story luxury residential building that includes 302 apartment residences and 23 rental townhomes. The property is across from the Chattahoochee National Recreation Area, which includes miles of old-growth forest and walking trails along the Chattahoochee River.
“Cumberland/Galleria/Battery has evolved from its origins as a suburban retail and Class A office market into a dynamic residential market with excellent amenities and vehicular access to all of metro Atlanta,” said Jim Borders, President and CEO, Novare Group. “We are excited to partner with our longtime co-sponsor BCDC and to develop our seventh major project with Simpson Housing and their best-in-class multifamily management platform.”
“This opportunity, which was literally right in our back yard at Overton Park, was very attractive to us since it was another great opportunity to partner with Novare Group and Simpson Housing, but also to bring to the table a construction joint venture of two Kajima USA sister companies, Batson-Cook Construction and Flournoy Construction, to build the project,” said Litt Glover, president of BCDC.
“Our 25 year commitment to the Atlanta area and our team’s dynamic working relationship with Novare Group and Batson-Cook Development Company over six major projects, as well as the well located and well conceived vision for this community were all factors that led us to commit to this joint venture. We are pleased to see it move forward,” said Mark Peppercorn, Senior Vice President, Investments of Simpson Housing.
With studios, one, two and three-bedroom residences, the apartment and townhome community will feature a top-of-market clubhouse and co-working area, resort-style swimming pool, two interior courtyards linked by a covered outdoor area, bike storage, and a dog park. The ultimate amenity will be the Chattahoochee National Recreation Area with its miles of trails immediately across the street.
A premier live-work-play destination, the Cumberland/Galleria/Battery market is a cohesive mix of high-rise office buildings, upscale retail and high-end residential communities. The area is home to Fortune 500 companies including Home Depot, Genuine Parts Company and HD Supply, as well as Synovus Bank, the North American headquarters for ThyssenKrupp, the regional headquarters for Comcast, Galleria office park and Truist Park and The Battery, home of the Atlanta Braves.
As one of the last prime developable sites for multifamily in the submarket, the community is well positioned given its immediate access to Interstates 75 and 285, significant employer base and proximity to the highest income demographics in Cobb and Fulton counties.
Simpson Housing, BCDC and Novare Group are investors in the project, with Wells Fargo providing debt financing. Niles Bolton Associates is the architect, Kimley-Horn is the civil engineer and a joint venture between Batson-Cook Construction of Atlanta and Flournoy Construction Group of Columbus, Ga. is the general contractor.
The joint venture anticipates first delivery in the first quarter of 2023 and completion in the third quarter of 2023.
About Simpson Housing
Headquartered in Denver, Colorado, with offices in Atlanta, Simpson Housing® is an experienced, fully-integrated real estate firm providing services in commercial and multifamily property management, development and construction. Simpson Housing was established for the purpose of building and operating high-quality residential communities in the Southwest. The company has since become one of the largest privately-held residential developers and managers in the nation, operating throughout the United States and continuing to expand. Simpson Housing’s proven performance, financial strength, and management expertise culminate in a single mission —“ Commitment to Excellence.” Since 1948, that mission has resulted in the Simpson name becoming synonymous with quality apartment living. Creating a superior living environment for residents requires a commitment to excellence in every aspect of operations, from choosing desirable locations to providing resort-style amenities, well- appointed buildings and apartments, accompanied by unparalleled service to residents. With this vision in mind, Simpson Housing continues to set the standard in the industry. Learn more by visiting www.simpsonhousing.com.
About Novare Group
Novare Group is a real estate development and investment company headquartered in Atlanta, Ga. Since 1992, Novare Group has developed over 17,000 residential units across a variety of product types across the southern and western United States. Learn more by visiting www.novaregroup.com.
Founded in 1963, Batson-Cook Development Company, BCDC, is a fully integrated real estate organization providing development and capital solutions, primarily through partnerships on commercial real estate projects in the Southeastern United States. Based in Atlanta, Georgia, Batson-Cook Development Company offers a wide variety of real estate services from development and construction to equity and credit enhancements, to brokerage and property management. It is a wholly-owned subsidiary of Kajima USA, as is Batson-Cook Construction and Flournoy Construction Company. Learn more by visiting www.batsoncookdev.com.