Sweetwater Springs in Lawrenceville locks in long-term financing
Parkland Residential announces the successful BTR refinance of phase one of Sweetwater Springs through Fannie Mae. This wildly successful build-to-rent community leased its initial 58 townhomes within 90 days – before construction was even complete!
“Thanks to Fannie Mae, Sweetwater Springs is refinanced, securing our long-term financing,” Parkland Residential President Jim Jacobi said. “I’d also like to thank Trez Capital for providing construction financing and Greystone for facilitating the Fannie Mae loan.”
Sweetwater Springs features a unique stacked townhome product specifically designed to repurpose under-utilized commercial parcels to supply homes for the missing middle.
Appealing to selective renters, Sweetwater Springs success attracts a demographic of folks who chose to rent instead of buying a home so they can enjoy a hassle-free lifestyle. Freedom to travel, no maintenance and the flexibility to easily move; all rank high on why people rent. Combine those factors with walkability and amenities, and Sweetwater Springs is the place to be.
Sweetwater Springs phase two was recently rezoned and approved for those who missed out on phase one. Featuring 37 additional rental opportunities, phase two is located directly across the street from Sweetwater Springs phase one. Phase two will bring the total number to 95 stacked townhomes and feature a community pool, cabana, and more park space for all residents to enjoy.
Rear-entry stacked townhomes offer two or three bedrooms, including oversized, 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. And, as a huge plus, homes offer a one-car garage.
The three-bedroom units offer two-and-a-half baths, plus a loft with 1,958 square feet of total living space, and two-bedroom units offer 1,636 square feet of total living space. The monthly rent for townhome units ranges from $2,250 to $2,550 per month.
Featuring an abundance of park space, the community is one of the first build-to-rent communities in Gwinnett County and the first example of stacked townhomes within the county. Parkland Residential has more build-to-rent communities coming soon using these creative stacked townhome plans.
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.
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.
Parkland Communities, Inc., the parent 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.