The multifamily complex will be located about 20 miles west of Downtown Atlanta at 983 Hickory Level Rd., south of Interstate 20. CharterMac executive vice president Jim Spound calls the site "a promising market for affordable housing." He says Villa Rica "has excelled at enticing large corporations to locate within its bounds and is located within an easy commute to Atlanta."

The one-to-three-bedroom apartments will have 975 sf to 1,350 sf of living area and will be targeted at families earning 60% or less of the area's median income.

PRS Cos. has been an industry player for 30 years and currently is constructing or renovating projects totaling 3,100 units throughout the Southeast. The firm's management division oversees 4,300 units with 3,800 units in the low-to-moderate-income category.

CharterMac has direct and indirect interests in revenue bonds backed up by 32,000 multifamily housing units in 24 states and the District of Columbia. The company is managed by New York-based Related Capital Co. which has ownership interests in 280,000 apartment units. With its affiliates, Related manages $5 billion in equity for institutional and retail real estate investors in a portfolio valued at $16 billion.