An apartment developer is targeting 700 new units between Snellville and Loganville, one of the latest large-scale residential projects pitched on the fringe of metro Atlanta.
Raleigh-based Aventon Cos. has filed plans to build 667 market-rate apartments, 5,400 square feet of restaurant space and 16,700 square feet of offices or shops on U.S. 78 in eastern Gwinnett County. The project would spread across 58 acres near existing apartments and a shopping center anchored by Kroger.
Aventon Cos. declined a request for comment on the project.
In recent years, construction costs and land prices inside the Perimeter have risen to levels that make it tough for developers to meet the yields required by investors. This has pushed some firms to pitch apartments in far-flung suburbs and exurbs, where undeveloped land is more abundant and often cheaper.
And following record rent growth from an apartment shortage and the flexibility provided by work-from-home schedules, some Intown Atlanta residents are considering living farther away from the urban core. The average asking rent in the Lawrenceville and Snellville area now hovers around $1,500, which is about $500 to $600 less than Buckhead and Midtown Atlanta, according to Apartmentdata.com.
As of January, eastern Gwinnett County had more than 3,800 apartments, townhomes and build-to-rent housing units under construction, more than any other suburban area in metro Atlanta, according to The Reid Report.
Most suburbs and exurbs are still more affordable for apartment dwellers than sought-after Atlanta neighborhoods, but these areas still experienced sharp increases in average asking rents during the pandemic. This made new projects viable to investors, as landlords can set rates at levels high enough to meet required yields.
Besides the relative affordability, developers often credit the resurgence of amenitized city centers as one of the key drivers behind the growing demand to live in the county. Snellville is in the midst of building a town center anchored by a city market with shops, restaurants, residential units and a new public library branch. A few miles up Scenic Highway, downtown Lawrenceville is now home to breweries, eateries and shops.
Gwinnett County officials would need to rezone the property for the developer's intended use before it could proceed. If approved, it could be completed as early as 2025, according to a Developments of Regional Impact filing. The DRI program allows state transportation and planning officials to get involved when a project is large enough to stress local infrastructure.
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| Rank | Prior Rank | Business name |
|---|---|---|
1 | 1 | Preferred Personnel Solutions Inc. |
2 | 2 | Reibus International |
3 | 3 | Benevate Inc. dba Neighborly Software |
