Origin Investments & Kaplan Residential announce $31.5m land acquisition in Metro-Atlanta
Origin Investments – a top-performing private real estate fund manager – and Kaplan Residential – a multi-strategy real estate development firm today announced the acquisition of a 40-acre parcel in Atlanta, Georgia, for $31.5 million, tapping Origin Investments’ $300 million Qualified Opportunity Zone Fund II. In a venture with Kaplan Residential operating as the developer, the firms plan to deliver a transformative, master-planned project presented in multiple phases. Upon completion, it will be the largest mixed-use destination on the expanding southern portion of the BeltLine.
The project will create a neighborhood village that celebrates community and connectivity, weaving in adaptive re-use components to provide charm, preservation, and originality on the site. Located within Chosewood Park at 500 Sawtell Avenue Southeast, it will be home to more than 2,000 multifamily residences, ample activated park space and up to 150,000 square feet of diversified commercial space, in its fully realized form.
Kaplan Residential and Origin investments have tapped renowned experiential retail consultants at Revel, including founder George Banks, to spearhead the concept origination of the commercial and adaptive re-use component. The principals of Revel have been involved in several notable retail projects in Atlanta, from the Southeast’s first food hall, Krog Street Market and The Interlock.
Target concepts include a variety of local restaurants with outdoor seating, coffee shops, wellness center, dedicated areas for revolving food trucks, pet amenities, collaborative co-working centers, new-age office areas and innovative entertainment space. The first phase will also feature approximately 700 build-to-rent townhomes and multifamily units.
Banks’s team at Revel, Kaplan Residential, and Origin Investments will collaborate to create an unrivaled elevated resident-only club experience, dubbed ‘Club Sawtell,’ equipped with exclusive state-of-the-art fitness, wellness, coworking, and lifestyle amenities, a first-of-its-kind concept for the Southeast region, derived from leading members-only clubs with bespoke benefits throughout the country. Groundbreaking on the initial stage is slated for Q4 2022.
“With our partners at Origin Investments, we are bringing an unrivaled mixed-use community to an opportunity zone, thus driving significant economic growth and professional migration,” said Morris Kaplan, Founder and President of Kaplan Residential. “More than 30 years ago, we had the foresight to invest in Downtown Atlanta with Townhouse Atlanta, our first build-to-rent community, and today we are still delivering projects that exceed the needs of this market and others we serve.”