Southeast Capital Breaks Ground on $16M Adult Complex

Satish Lathi, a principal at Southeast Capital, tells GlobeSt.com the Gardens at Lake Spivey is believed to be the first apartment venture in the metro area created exclusively for the 55-plus clientele. Occupancy is slated for fall of this year. "The growing number of families provides a strong base of prospects as seniors tend to move close to their families," Lathi says. "In addition, we are seeing strong interest from long-time local residents who are now ready to simplify their lifestyle."

The property is on Highway 138, 1.5 miles from Interstate 75. Southeast Capital picked Clayton County because it is "one of the fastest-growing counties in the metro Atlanta area," Lathi tells GlobeSt.com. "It has become an extremely popular place to live for young families and has seen tremendous growth in single-family housing in part due to its proximity to Downtown, the airport and its excellent highway access."

The property's amenities will include a fitness center with a cardio and an aerobics room, club and billiards rooms, 30-seat-movie theater and a resort-styled swimming pool.

"Along with the growth in single-family homes has come significant retail development (in Clayton County) over the past few years," Lathi says. "The area boasts a very deep retail sector with virtually every major retailer represented in the market."

The apartment site is 1.8 miles from Interstate 75 on a heavily traveled road; is close to all the major retail outlets; abuts the Lake Spivey golf course and park; has 31 churches in a three-mile radius; and is near Clayton College and Spivey Hall, a top performance venue in the Southeast.

"All of these factors played into the decision to build a seniors project" in Clayton County, Lathi tells GlobeSt.com. The Gardens at Lake Spivey is the latest of a half dozen ventures Southeast Capital has under development in the metro area. The other ventures are the 261-unit Northside Village affordable apartments Downtown; The Block Lofts with 69 condos and 244 apartments two miles east of Downtown; the 180-unit Park at Ashbury condo conversion in suburban Dunwoody, GA; the final sellout of the Borghese, a 56-unit, high-end condo development in Buckhead, GA; and the final sellout of Museum Tower, a 25-story, 167-unit condominium community at Centennial Park Downtown.