15 Nov Promenade at Newnan
Located just north of the intersection of Newnan Crossing Blvd. and Lower Fayetteville Road in Newnan, GA, Promenade at Newnan consists of 298 Class‐A multi-family apartment homes averaging 942 square feet with a total of 526 parking spaces (430 surface and 96 garage). BCDC and Novare Group chose this site and began construction of this multi-family development in early 2019.
The apartments are organized in three product types: rental townhomes, “Big House” and “E-Urban” buildings which are fully amenitized, complete with a pool, business center, fitness center, outdoor kitchen & grilling areas, and walking trails. Further, the property includes high‐end finishes that exceed any competing product in the market at a very reasonable price in relation to comparable product. The product concept behind Newnan Crossing’s mix of apartment types is to create the scale of a 300‐unit apartment project but deliver 204 traditional three story walk up units and another 94 larger Big House and rental townhome units to appeal to a more mature and affluent demographic.
Just 30 miles south of Atlanta, Newnan is one of the many “edge cities” that has benefitted from Atlanta’s economic growth. Over the past several decades, Atlanta’s strong economy, combined with relatively low land costs, has spurred significant industrial development and job creation along the I‐85 corridor, which Newnan straddles. Among the notable employers in the Newnan area are Yamaha, Piedmont Hospital, and the Cancer Treatment Center of America, which together bring close to 4,000 jobs to the immediate area. The project experienced extremely successful lease-up, a testament to the development skills of the co-GPs.
Co-Sponsors: BCDC/Novare Group
Lender: NXT Capital
LP Equity: Pointe One Holdings
Architect: Humpreys & Partners Architects, LP
General Contractor: Hathaway Construction