Atlanta-based FIDES Development, a start-up real estate development and investment firm founded by industry veterans, and South Florida-based PointOne Holdings, an investment and development firm overseeing a diversified portfolio valued at more than $1.3 billion, have broken ground on a 160-unit community at the intersection of Jimmy Carter and Peachtree Industrial boulevards in Norcross, Georgia.
Located at 6885 Jimmy Carter Boulevard, the $35 million project is the final phase of a 20-acre mixed-use redevelopment weaving together offices, shopping, restaurants and apartments. It is at the gateway to several of metro Atlanta’s thriving submarkets and neighborhoods, including Peachtree Corners, Johns Creek, Berkley Lake, Dunwoody and more. The garden-style, gated property is less than five minutes from historic downtown Norcross. More than 140,000 cars pass the site daily, adding to the community’s visibility.
“With apartment demand in Atlanta’s northern suburbs continuing to outpace other submarkets across the MSA, and supply limited, a highly visible location such as this has strong tailwinds that don’t show signs of stopping,” said Heath Hans of FIDES Development. “We’re thrilled to partner with the group of outstanding professionals at PointOne Holdings.”
“We’re delighted FIDES chose Norcross for this fantastic new development,” said City of Norcross Mayor Craig Newton. “Over the past four years, we’ve seen close to $900 million in investments in our local community through new development and expansions launched in Norcross. We look forward to creating this new live-work community strategically placed on the corner of one of our four primary gateways into the city as the latest agent to economic prosperity here in Norcross.”
The joint venture recently closed the site acquisition and financing for the project and construction is underway. First units and the leasing and resident centers are expected to deliver in the third quarter of 2023.
“We’re excited to add this project to our portfolio of multifamily developments, bringing PointOne Holdings to 4,071 units under construction across 14 properties,” added Leo Peicher, PointOne Holdings Managing Partner. “Located in a highly sought-after submarket, this property will offer residents high-quality living in an open, suburban community.”
FIDES Development, an Atlanta-based firm, was founded in 2020 by industry veterans who bring together more than $5 billion in real estate development and investment experience. The project is the first of many starts for the firm in 2022, with groundbreakings planned in April on a 350-unit high-rise project in Midtown Atlanta, in June on a 192-unit mid-rise project in Chamblee, Georgia, in August on a 340-unit mid-rise on the Charleston Peninsula in South Carolina and in October on a 205-unit community with deepwater frontage along the southern shoreline of Lake Lanier in metro Atlanta.
PointOne Holdings is a real estate investment firm headquartered in South Florida and Atlanta with properties located throughout the Southeastern United States, Texas, Virginia and Colorado. The firm owns and manages a diversified portfolio of residential and commercial assets valued in excess of $1.3 billion.
