11 Jul Ivey Group and BCDC Announce Joint-Venture Partnership for Augusta, Ga. Build-For-Rent Townhome Community
Ivey Group, one of the region’s largest homebuilders, and BCDC [Batson-Cook Development Company], an opportunistic real estate development investor, are pleased to announce their first joint-venture partnership, West Park Townhomes in Augusta, Ga.
The 262-home build-for-rent townhome community will be on a more than 29-acre site on Wheeler Road. The project is strategically located near the intersection of Interstates 20 and 520 in Richmond County, a prime location capitalizing on the growing demand for rental housing to accommodate the city’s expanding workforce.
“We are excited to join forces with BCDC and embark on this joint venture,” said Matt Ivey of Ivey Group. “West Park Townhomes represents an excellent opportunity to expand our portfolio and meet the evolving housing needs of the community.”
Ivey Group, known for its commitment to delivering homes of exceptional value and style, brings extensive experience in residential development to the partnership. With a track record of over 2,000 for sale homes built in the Augusta River Region through its affiliate Ivey Homes, and several multi-family projects, Ivey Group is well-positioned to contribute its expertise to the success of West Park Townhomes.
“We are thrilled to partner with Ivey Group on this exciting development project in Augusta,” said Litt Glover, president and CEO of BCDC. “By leveraging our joint expertise and resources, we aim to create a community that enhances the lifestyle and meets the growing demand in the market.”
The project will offer renters a top-of-market amenity package, including a luxury clubhouse, resort-quality pool, state-of-the-art fitness room and a pet park. West Park Townhomes will provide high-quality housing that caters to the needs of renters seeking spacious living environments.
The location offers unparalleled proximity to retail, office and residential amenities. The development is approximately half a mile south of I-20 and directly across from the Doctors Hospital of Augusta, making it an ideal choice for those seeking convenient access to employment opportunities and services.
SRP Federal Credit Union will provide construction financing, with Parse Capital as the preferred equity investor. Patterson Real Estate Advisory group represented the joint venture as the sole capital placement broker. General Contractor, Ivey South Construction, Ivey Group’s fully integrated in-house general contracting affiliate, has started the project with the first units anticipated to be delivered in the first quarter of 2024.
About BCDC
Founded in 1963, BCDC is a wholly-owned subsidiary of Kajima USA. It 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, BCDC offers a wide variety of real estate services from development and construction to equity and credit enhancements, to brokerage and property management. Learn more by visiting batsoncookdev.com.
About Ivey Group
Ivey Group is led by Matt and Mark Ivey, who were first introduced to the industry through their family’s homebuilding business which started in 1984. For decades, Ivey’s focus was custom home building. In 2004, Matt and Mark transitioned the business to ‘production’ for-sale single family and later added the multifamily and build-for-rent business unit. Since 2004, Ivey has delivered 2,000+ single-family homes, developed 1,500+ single-family lots, and developed 500+ multifamily units including a 155-unit Class A+ multifamily project in downtown Augusta. Learn more by visiting www.iveygroup.com.