Plans for a sizable new townhome community are moving forward that would continue the trends of claiming underused land near MARTA stations and building rental properties that aren’t apartments, developers tell Urbanize Atlanta this week.
Atlanta-based Kaplan Residential is planning a town-center-style venture of 239 townhomes in the shadow of the Indian Creek MARTA station, the last eastbound stop on MARTA’s Blue Line.
The 20-acre site also borders Interstate 285, about 15 miles east of downtown Atlanta, just north of I-20. Kaplan bought the property from Paideia School for $6.5 million this year, records show.
Brock Built Homes is partnering with Kaplan on the deal and will serve as general contractor for the townhomes and ancillary spaces. DeKalb County’s development governing boards approved the townhome proposal earlier this year, following some adjustments concerning MARTA station connectivity.
The 319,000-square-foot project would clear a wooded lot along Redan Road in Stone Mountain and keep all townhomes for rent.
Kaplan Residential—led by father-son duo Morris and Nathan Kaplan—are best known recently for building the 17-story Generation Atlanta downtown, a mixed-market-rate rental building near Georgia Tech.
Morris Kaplan recently told Multi-Housing News the COVID-19 pandemic “has accelerated the build-to-rent space by five to seven years” and spurred his company to acquire three land sites for building on that model in Georgia and Florida, including the Stone Mountain parcels.
Around Atlanta, the firm’s other projects include Cosmopolitan Townhomes, Square One, The Waterford on Piedmont, and Park Row Townhomes.
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