Miami Developer Lands $60M To Build 476-Unit Workforce Housing Near Avondale Estates
A Miami developer backed by Brazil's biggest homebuilder is underway with its third Metro Atlanta apartment community, this time off Memorial Drive near MARTA's Kensington Station.
Resia, previously called AHS Residential, obtained $60M in construction financing with Bank of America to build a 476-unit workforce housing apartment complex at 4151 Memorial Drive just outside of Avondale Estates. Resia broke ground on the project in the first quarter and expects to deliver the seven-story project by the third quarter of 2023, according to a press release.
Targeted to young professionals, 20% of the units are being restricted to those earning the annual median income of the area, according to the company.
Miami-based Resia entered the Metro Atlanta multifamily market last year when it began construction of its Resia Tributary, a 433-unit apartment complex in Douglasville, 20 miles west of Atlanta. The firm operates more than a dozen apartment complexes, many of which are in Florida and all targeting working-class households.
Resia doesn't rely on subsidies, grants or public financing to help keep rents in check, CEO Ernesto Lopes told Bisnow last year. The company was launched in 2012, but in 2019 landed a significant investment from the founder of Brazilian homebuilding giant MRV & Co., Rubens Menin.
The developer uses modular construction methods to help keep its construction costs down, Lopes said. Resia plans to develop 8,000 new units annually by 2025, according to the press release.
“At a time when America is facing the most severe housing shortage in generations, we remain committed to building quality apartments that are accessible to working professionals and middle-class families,” Lopes said in a release about the Tributary project last July.