Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Locally based Southeast Capital Partners Inc. is confident it has spotted a niche for a new multifamily venture in nearby Clayton County–a $17-million, 200-unit, 230,000-sf luxury apartment community restricted to adult tenants over 55. There is no immediate competition, Satish Lathi, one of the firm’s principals, tells GlobeSt.com.

“The Jonesboro/Stockbridge market is one of the fastest growing areas for families,” Lathi says. “We believe this influx of families will create demand for seniors wanting to be near their children and grandchildren.”

The Gardens at Lake Spivey in the Jonesboro-Stockbridge market expects to be ready for occupancy in early 2005. Rents for the one-bedroom and two-bedroom apartments start at $670 per month. The site is 14 miles south of Downtown Atlanta on Highway 138, about two miles from Interstate 75.

While there are numerous traditional apartments in the Jonesboro/Stockbridge submarket, Lathi says his company’s research “indicates that as much as 10% of these tenants are over 55, and given the choice of living with their peers in an amenity-rich building with interior corridors and elevators for the same cost as a walkup garden apartment, they will choose the former.”

The Southeast Capital principal says the submarket is under-built with product comparable to the Gardens at Lake Spivey and demand is strong. “This submarket contains 5,000 traditional apartments,” Lathi says. “Ten percent of these tenants are likely eligible renters. When you add in the families, as well as the seniors who live in the area who might be interest in downsizing, we think the demand could be as high as 1,500 units.”

Lathi expects the project to lease up in 16 months. “There are no competing properties targeted towards active seniors,” he adds. MMA Financial of Clearwater, FL is providing debt and equity financing for the project.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.