ECI Group has closed on a development site at the intersection of Courtesy Parkway and Old Covington Highway in Conyers, GA, and will start construction in January 2022 on a 300-unit apartment community, The Corwyn at Conyers, the company Wednesday announced.
Construction financing was provided by Wells Fargo Bank, N.A and joint venture equity financing was provided by The Griffin Fund, a real estate investment fund focused on acquisitions, development, management, and financing for real estate projects predominantly in the multifamily sector.
ECI expects to deliver the first units in July 2023 with completion in January 2024.
“Corwyn at Conyers will be the first new apartments in the Conyers market in 20 years,” James Baugnon, President and CIO at ECI, said in a press release. “Driven by explosive job growth, as demonstrated last week by Rivian Automotive’s announcement of a multi-billion dollar EV vehicle assembly and battery plant to be located in the I-20 East Corridor, this Class A apartment project with modern finishes and resort-style amenities will be a welcome addition to the more dated inventory of rental options in this market today.”
ECI is fully integrated with development, construction, and management groups. It has a portfolio of more than 7,900 units either existing or under construction located throughout the Southeast.