COVINGTON, Ga.--(BUSINESS WIRE)--Landmark Properties, today announced it has started leasing The Cove at Covington Town Center - its luxury Class-A apartment community in Covington, Georgia. The 350-unit, market-rate property was developed in partnership with ACRE, a global real estate private equity firm, and is part of Covington’s 131-acre mixed-use master planned community, Covington Town Center.
Located at 12301 Town Center Boulevard, The Cove consists of 14 residential buildings featuring a mix of one-, two- and three-bedroom floor plans ranging between 620 and 1,945 square feet. It includes a rich amenities package including a luxury clubhouse, resort-style pool, coworking spaces, state-of-the-art fitness center, linear park, dog park and pet spa. In-unit amenities include washer and dryer machines in every apartment, modern light fixtures, and durable quartz solid-surface countertops.
ACRE and Landmark broke ground on The Cove at Covington in December 2020, and will begin welcoming residents into the first building in July. The pet-friendly community is being managed by Greystar, and pre-leasing and application review are already underway.
“Like so many other fast-growing areas of the Sun Belt, the need for more upscale rental housing options in Covington is extremely high. The area has gone without new, well-amenitized multifamily development for two decades, and a combination of significant population growth and a wealth of new jobs in the area have created a market sorely in need of new supply,” said David Tracht, Landmark Properties Senior Developer. “After more than two years of development in partnership with Landmark Properties, we are excited to finally deliver this amenity-rich community to help accommodate the continued growth of Covington and the rest of the Greater Atlanta region.”
Major population growth in Covington has been fueled by the relocation of a number of corporations and other major employers to the area in recent years. These include the expansion of Cineleases’s 90-acre film studio, Three Ring Studio, which is set to expand by an additional 276,000 square feet of stage space, 100,000 square feet of office space and 72,800 square feet of flexible space – making it one of the largest studios in the country upon completion in 2023. In addition to Three Ring, other major employers in the area include General Mills, Facebook, Oxford College of Emory Bard, Pactiv, Mannington Mills, Clarion Metals, Bridgestone and Michelin.
Located less than an hour away from Atlanta via I-20 West, Covington’s proximity to one of the Southeast’s most vibrant and fast-growing metropolitan areas has also been a key contributor to its growth. In addition, the community is adjacent to a five-acre park complete with walking trails, and residents have access to ample shopping, entertainment and dining options within walking distance.
“We are pleased to partner with Landmark Properties to bring this dynamic multifamily community to market during a time of unprecedented growth and revitalization in the City of Covington,” said Melanie Gersper, ACRE Chief Operating Officer. “Resident interest in this premium community has already proven to be high, and we are actively fielding applications with plans to begin move-ins on July 1.”
Through a series of equity and debt funds, ACRE manages more than $3 billion in assets across private real estate investments and loans. The firm specializes in multifamily development and investment opportunities across Class A, B and C assets in strategic growth markets. ACRE’s unique approach to managing its diverse portfolio of multifamily properties includes an intentional focus on creating added value for residents that extends beyond the four walls of their homes. By establishing a sense of community among residents through socially impactful investments and sustainable green measures, ACRE effectively improves tenant retention and generates stable, cash-flowing properties.
Learn more about The Cove at Covington Town Center by visiting www.TheCoveCovington.com.
About Asia Capital Real Estate (ACRE)
Founded in 2011, ACRE is a global real estate private equity firm managing capital for institutional and family office investors through a series of private equity and debt funds and currently has more than $1.8 billion in assets under management. Since its inception, ACRE’s acquisition, development and lending efforts have spanned 22,000 units across 78 properties in 33 cities. ACRE’s strategies focus on direct real estate equity and credit investments and are concentrated in high growth markets in the United States, with additional properties currently in development in Southeast Asia and the United Kingdom. ACRE manages a global multifamily housing portfolio with offices in Atlanta, New York and Singapore.
About Landmark Properties
Headquartered in Athens, Ga., with an office in Atlanta, Landmark Properties is a fully integrated real estate firm, specializing in the acquisition, development and management of high-quality residential communities. With more than $8.9 billion assets under management, Landmark’s portfolio includes nearly 90 residential communities across the country with approximately 57,000 beds under management. Additionally, Landmark benefits from an active development pipeline with 16 student and multifamily projects under construction with an estimated value at $3.1 billion. Landmark’s mission is to be the leader in development, construction, operations and investment management of luxury housing communities, by delivering unrivaled service and experience to residents, partners and employees. For more information, visit www.landmarkproperties.com.
About Greystar
Greystar is setting the standard for excellence in the development, construction, and management of rental housing and beyond. By leveraging its global presence and extensive local knowledge, inhouse construction expertise, and strategic partnerships, Greystar is developing high-quality, cycle-resilient rental housing communities and more. Today, Greystar manages and operates nearly $205 billion of real estate in 221 markets globally including offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. For over 28 years, the local experts at Greystar have tailored solutions to meet the needs of its clients. Dedicated onsite team members provide residents with an exceptional experience and this customer-centric approach protects long term asset value. Greystar also manages assets on behalf of third parties. To learn more, visit www.greystar.com
