Age-restricted (or active adult or 55+) housing has been a popular investment target in the last couple of years, and Green Brick Partners, Inc., a residential land developer, is making a huge investment in a community to be built in the Atlanta, Georgia MSA. The company, though its subsidiary The Providence Group of Georgia, purchased a 115-acre tract of land with 4,000 feet on frontage along the Chattahoochee River to develop a 916-unit age-restricted community in the town of Peachtree Corners. Atlanta-based active adult land investment group East Jones Bridge, LLC is the joint venture partner for the project.
The plan includes a mix of condos, townhomes and single-family homes for sale, but The Providence Group will also partner with a third-party company to construct independent living and assisted living components, as well as a memory care community. So, this is not your typical 150-unit active adult rental community that has become popular with some investors. When completed, it will be the largest age-in-place community in the area. There will also be a host of amenities and activities with an emphasis on wellness. Construction is expected to begin in January 2020, and the first homes will be available for sale in late-2020.
