Parkland Residential announces Sweetwater Springs in Lawrenceville is fully leased. All 58 townhome units were fully pre-leased within 90 days. Of note is the renters’ high level of financial literacy, providing that many people rent for the location and convenience even when they can afford to buy.
“This community is perfectly positioned to meet missing middle demand and leasing 58 units in just 90 days proves we are on target with our what the market needs,” Parkland Residential President Jim Jacobi said. “Our renters have an average income of $113,000, an average credit score of 652 and the mean age is 40-years-old.”
For-rent communities are hot properties because renting is cheaper than buying almost everywhere. A recent study by LendingTree shows median housing costs are lower for renters than homeowners with a mortgage in all 50 of the largest metro areas. The research shows that the difference in metro Atlanta is $388 a month.
“There is a huge lack of supply of homes for the missing middle, creating a surplus of rental demand for product in this niche,” Jacobi said. “We already had a waiting list of 50 people before the community opened for leasing.”
As the first build-to-rent community by Parkland Residential, Sweetwater Springs features a unique stacked townhome product specifically designed to repurpose under-utilized commercial parcels to supply homes for the missing middle. Parkland Residential has many new communities already in the works that will be available to rent next year.
Featuring an abundance of park space, the community is one of the first build-to-rent communities in Gwinnett County and a first example of stacked townhomes within the county. Parkland Residential has more build-to-rent communities coming soon using these creative stacked townhome plans.
The Townhomes
The rear-entry stacked townhomes offer one-car garages and two or three bedrooms including large, private owner’s suites with walk-in closets and impressive baths featuring dual vanities. The spacious, open floor plans feature sizable kitchens that open into oversized family rooms with covered outdoor living spaces, perfect for families and entertaining guests.
The three-bedroom units offer two-and-a-half baths, plus a loft with 1,950 square feet of total living space, and two-bedroom units offer 1,630 square feet of total living space. The monthly rent for townhome units ranges from $1,950 to $2,350 per month.
Managed by Lincoln Property Group, Sweetwater Springs is located at 1510 Duluth Highway in Lawrenceville within the highly coveted Peachtree Ridge High School district. For more information, call 470-402-2300 or visit Sweetwater Springs on the Lincoln Property Company website.
About Parkland Residential
Parkland Residential is focused on the underserved missing middle market. The concept of missing middle is defined by John Hunt, principal with MarketNsight, as a single-family home located alongside what looks like a single-family residence but is really a duplex, quad, eightplex or more. Missing middle housing goes hand-in-hand with affordable housing. Many consumers want to live near work but cannot afford to and having other options for housing is important.
Parkland Residential is a new homebuilding company focused on creating build-to-rent communities. Based in metro Atlanta, the build-to-rent company’s goal is to provide affordable missing middle housing in locations where consumers want to live. Parkland Residential plans to build many build-to-rent communities over the next several years.
About Parkland Communities
Parkland Communities, Inc., the sister company to Parkland Residential, is a privately-owned multifaceted real estate development and investment firm specializing in residential properties. With over 20 years of experience in the industry, Parkland Communities Inc. uses the latest market data, technology and established relationships to strategically secure new development opportunities in Atlanta’s most desirable locations. The company’s hands-on philosophy has made it a proven leader in the industry with a trusted reputation among elected officials, municipal staff, neighborhood associations, bankers and home builders.
For more information on Parkland Communities, visit www.ParklandCo.com.