(Read more on the multifamily market.)

ATLANTA-Construction is expected to begin in the coming weeks on Alta Coventry Station, a $33.5-million, 322-unit work force housing complex.

Work has begun to clear the 17.5-acre site along Greenbriar Parkway in preparation for vertical construction. The project will include one-, two- and three-bedroom units with an average of 1,092 sf. It is expected to be completed in fall 2008. It will also include a swimming pool, fitness center, business center, picnic area and clubhouse.

The project is a joint venture of locally based Wood Partners and Arsenal Real Estate Funds of Morristown, NJ, which is investing $6.4 million in the project. “Work force housing is a great niche to be in. There’s a high demand for that type of housing,” Arsenal Real Estate Funds’ partner John Maurer tells GlobeSt.com.

The project is part of the Atlanta Development Authority’s master-planned community of Coventry Station, which will include single-family homes, senior rental units, townhouses and a commercial village with lofts above retail space. The development site is located along Interstate 285, five miles from Hartsfield Atlanta International Airport and 7.5 miles from Downtown. Target rents for the multifamily project have not yet been established, but 20% of the units will be rented to residents earning less than 50% of the area’s median income. “The complex is located in an area where there is significant demand for workforce housing,” Maurer says.

Arsenal is investing into its third work force project. In April, the company announced $10.25 million in financing for two projects in San Antonio. “The economy continues to perform well and job growth is strong,” Maurer says. “Yet, at the same time, the residential real estate boom of the early 2000s has priced many potential buyers out of the market and the collapse of the subprime lending industry has cut off many would-be buyers from home ownership.”

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