Located at 3960 Redan Road, which is just outside Avondale Estates’ city limits, the townhomes will rent for $1,600 a month for a one-bedroom unit up to $2,400 for a three-bedroom home. Each unit will have its own garage. Kaplan added that the townhomes will have more dedicated office space in anticipation of more people working from home as a result of the COVID-19 pandemic.
Kaplan said the rental townhomes will differ from traditional apartments because each tenant will have direct access to their home and a little more privacy while also keeping most of the conveniences of rental communities. The project includes a 7,000-square-foot clubhouse, a fitness center, a coworking space and a resort-style pool area with lounging spots and grills.
He said the soaring housing market in metro Atlanta could be an extra draw for renters and even existing homeowners.
“I think there’s opportunity for people to sell their home and rent for a few years if they feel that the market will kind of settle down a little bit,” Kaplan said.
Brock Built Homes is the construction partner on the project, and Niles Bolton is the architect designing Generation Avondale East. Kaplan anticipates construction to begin in September, with units on the market by the end of 2022.
On the same day in late June when Kaplan Residential purchased the DeKalb property, it also bought a Paulding County property for $4.8 million. The 42-acre lot at 9570 Dallas Acworth Highway is the future site of 150 rental townhomes for seniors older than 55. Kaplan said the development will have the same amenities as Generation Avondale East.