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Salt lakes real estate

RangeWater launches construction company with 50-acre site to develop Build-to-Rent and multi-family product

RangeWater is building The Mabry and The Margot in Gwinnett County, Georgia.

“This community combines our conventional rental and multi-family building concepts into one development, showcasing our RangeWater design and vision for our home state,” said Steven Shores, President and CEO of RangeWater.

Minutes from Coolray Field in Gwinnett County, RangeWater Real Estate will deploy RangeWater Construction to build a beautifully designed community of townhomes, detached single family homes and rental apartments.

The multi-family developer has purchased 50 acres in one of Metro Atlanta’s hottest corridors, minutes from The Exchange @ Gwinnett, a mixed-use development anchored by Top Golf and Andretti Indoor Karting & Games, and a few Minutes drive to Coolray Minor League Baseball. Field, home of the Gwinnett Stripers.

“This is our second build-to-let neighborhood in Gwinnett County and our fourth multi-family project, so it’s fair to say that RangeWater is optimistic about this submarket,” said Brian Oates, director Executive General of Development at RangeWater. “Our team hasn’t delivered such a large residential offering since The Battery Atlanta, where we partnered to build over 800 units in the immediate vicinity of Truist Park. Plans for Gwinnett show a similar energy. Our ability to launch RangeWater Construction in tandem with the grand opening of The Margot makes this project even more exciting.

The company hired Alp Kirmizioglu as construction manager to oversee projects like The Mabry and The Margot. “With 11,000 units under active development in eight states, we knew the creation of an in-house construction division was necessary to support our long-term growth ambitions,” Kirmizioglu said. “This opportunity to build this project in our own backyard from the start is ideal.”

The Mabry will be part of the Storia division of RangeWater, the build-to-let (BTR) home portfolio launched in 2020. Storia is deploying $800 million of capital in the Sunbelt to build homes to rent, with active developments on along the Atlanta BeltLine; in San Antonio, Texas; and in North Boulder, Colorado. RangeWater has also developed the Beacon BTR community in Flowery Branch. In just two years, built-to-let neighborhoods now make up 15% of RangeWater’s overall management portfolio, with conventional multifamily making up the rest.

The Mabry, with 156 units, will offer a range of BTR options for people looking to rent a detached single family home or a townhouse. Floor plans will range from three to four bedrooms with two to three and a half bathrooms. Each floor plan will have its own courtyard or patio. The Mabry will have separate amenities, including a swimming pool, event lawn, dog park and walking path around a scenic pond.

Meanwhile, the Margot apartment community, with 332 units, will have a terraced English garden and native plant meadow with incredible views over an infinity pool, outdoor kitchen, event space and two dog parks.

The Margot is built with the work-from-home era in mind. The clubhouse will have work pods and study cabins. The Margot will also include an on-site cafe open not only to all residents, but also to the public and the surrounding community. The cafe will be the perfect place for residents working from home and busy commuters who need a quick coffee before work.

“This community combines our conventional rental and multi-family building concepts into one development, showcasing our RangeWater design and vision for our home state,” said Steven Shores, President and CEO of RangeWater. “I’m proud of our team for seeing the energy and potential in this area, as well as choosing The Mabry as an ideal project to dig our shovels in to launch RangeWater Construction.”

Privately held RangeWater was founded in 2006. The company acquires, develops, manages and invests in multi-family communities across the Southeast and Southwest United States, with a $6.3 billion portfolio.

RangeWater is expected to begin construction in July 2022, with plans to deliver the first units in September 2023.

About RangeWater Real Estate

RangeWater is a fully integrated, multi-family real estate company creating meaningful experiences for its partners, customers, residents and employees across the Sun Belt. The Atlanta-based company has acquired and developed more than 20,888 multi-family units since its inception in 2006, representing more than $6.3 billion in total capitalization. RangeWater currently manages a balanced portfolio of over 86,215 multifamily units in 11 states. With offices in Atlanta, Dallas, Denver, Tampa and Salt Lake City, RangeWater targets high job growth markets with demand for new housing. For more information, visit LiveRangeWater.com.

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Mary Cashion

The author Mary Cashion