Novare Group, in a joint venture with Batson-Cook Development Co. and PointOne Holdings, broke ground this month on a mid-rise luxury apartment community at 5950 Highway 92, just off Interstate 575 in Acworth. The still-unnamed project will encompass 330 apartments and 20 carriage houses with private garages across 20 acres, according to a press release.
Acworth is the latest locale in Novare’s suburban apartment push in the Southeast and its 38th project in conjunction with Batson-Cook. Other suburban projects near Atlanta include the 252-unit The Highland in Augusta, the 298-unit Promenade at Newnan Crossing in Newnan and the 226-unit Springside in Powder Springs, now under construction.
“This luxury apartment community in Acworth represents a significant opportunity to contribute to the city’s growth while providing residents with a sophisticated and modern living experience,” Batson-Cook CEO Litt Glover said in a statement.
While Novare made its name developing urban residential towers, including the Skyhouse-branded apartment buildings in Atlanta, Denver, Orlando, Raleigh and Dallas, the firm began to pivot in 2016 toward suburban garden-style and mid-rise projects. Among its first suburban projects was developing mid-rise apartments that were part of Downtown Lawrenceville’s revitalization in 2017.
It was a good bet. Between March 2020 and October 2022, suburban apartment rents grew 27.2% on average versus 19.8% for urban units, according to a study conducted by Apartment List. Rents in suburban Metro Atlanta jumped 35.8% during that period versus Atlanta city rents, which increased by 21%.
“While we have traditionally done this in inner core neighborhoods around the U.S, this vision is being realized in towns across America as well, and we are excited about serving a broader audience in our new push toward suburban town centers while continuing to pursue towers in the city,” Novare CEO Jim Borders told Bisnow in 2017.
Novare obtained debt financing for the development from City National Bank, with delivery of the project scheduled for October 2024.