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ATLANTA-Realty Construction Corp. is building build two senior communities, one in Cobb County, the other in Clayton County, south of downtown Atlanta. The combined cost of the projects is $6.6 million.

Construction is into its second month at Benson Manor in Cobb and Governor’s Terrace in Clayton County’s Forest Park. Occupancy is slated for late spring or early summer 2002.

The HUD-financed projects represent the type of property and the location made possible by a tight economy, Allen Wiggins, Realty Construction Corp. project manager, tells GlobeSt.com. “Senior housing HUD projects tend to thrive in this type of market. When property values drop, it enables us to move into markets–even overpriced markets–like Atlanta,” says Wiggins, adding that in a more robust economy he would be building farther out into Atlanta’s suburbs where land is cheaper.

Benson Manor, a 59,000-sf property, is expected to cost $3.7 million. It will have 77 apartments averaging 540 sf. The Retirement Housing Foundation, based in Long Beach, CA is the developer. Governor’s Terrace will contain 40,679 sf of residential space with 49 apartments, also averaging 540 sf. The complex’s cost totals $2.9. The Retirement Housing Foundation, based in Long Beach, CA is the developer of Benson Manor and Forest Park Elderly Housing and ManSerMar aredeveloping Governor’s Terrace in Forest Park.

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