Atlanta

Armada Hoffler Properties Inc. and Terwilliger Pappas plan to break ground this month on the 223-unit residential project in Gainesville, GA.

The company aims to capitalize on the area's economic growth with its recent acquisition of the 500-unit apartment community.

Although downtown office leasing slowed during the first two quarters, largely driven by the pandemic, "That doesn't mean the market is dead at all," said Scott Amoson, director of research at Colliers' Atlanta office.

Through the acquisitions of three apartment communities, the company aims to capitalize on the area's continued job growth.

COVID's shutdowns helped the Hines team focus on closing the deal.

Foreclosures are "artificially low" due to federal and state moratoriums and will significantly increase when those expire, but it's unlikely default rates will reach the levels of the 2008 recession.

In 2019, there were 321,000 units, but this year, there will only be 283,000, which is a 12% decrease, said a report by RENTCafe Blog.

Serving Georgia Southern University, the 1,087-bed community, Cottage Row is the area's largest off-campus student housing community.