Cartersville, GA — Advenir Oakley Capital, LLC (“Advenir Oakley”), a developer of high-quality rental communities, closed on 28 acres in the rolling foothills of the Appalachian Mountains for their next Build-to-Rent (BTR) development, LEO at Cartersville. The new 246-unit development is within the robust Atlanta Metropolitan Statistical Area (MSA) and will bring much-needed rental housing to the flourishing area.
The $65 million BTR development is located 38 miles northwest of downtown Atlanta in Bartow County at the busy I-75 / GA-20 interchange (Exit 290). It is less than two miles east of the Georgia Highlands College and Cartersville Medical Center employment hubs. Recent improvements to I-75 North provide Cartersville residents with an easy 30-45 minute drive to metro Atlanta job centers and some of the Atlanta suburbs’ best retail and dining destinations. Residents will also benefit from Bartow County’s developing distribution sector and the recently announced $4-5 Billion KIA and Hyundai battery manufacturing plant projected to begin production in 2025 and employ 3,500 people.
Designed by Birmingham-based Nequette Architecture & Design, LEO at Cartersville will feature a mix of one, two, and three-bedroom cottages, designed to meet the needs of families and individuals who want a comfortable and convenient place to call home. The collective unit mix includes 34.1% one bedrooms, 51.2% two bedrooms, and 14.6% three bedrooms. Unit sizes range from 728 to 1,510 square feet.
The cottage interiors will feature 10-15-foot ceilings, wood-grain tile flooring, full size washers and dryers, stainless steel appliances, abundant closet space and smart home technology. Units also include private back yards, 24/7 on-call maintenance and optional enclosed garage parking. Courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, state-of-the-art fitness center and dog park are among the community amenities.
Birmingham-based Capstone Building Corp. is the general contractor for the project.
“LEO at Cartersville is a highly anticipated project,” said Capstone CEO Jay Chapman, adding “This is actually our third project with developer Advenir Oakley, and we are proud to continue our partnership with them in bringing high-quality BTR communities to the market.”
David Oakley, co-founder of Advenir Oakley said the development broke ground this month (June) and site clearing is underway.
“We’re passionate about providing high-quality build-to-rent housing that meets the unique needs of the communities we serve and LEO at Cartersville is a testament to that commitment,” said Oakley. “We’re confident this will be a vibrant and welcoming community that residents will be proud to call home.”
Louis Nequette, principal of Nequette Architecture, had this to say about the development: “Our cottage designs for this development are specifically tailored to meet the needs of the ‘missing middle’ in terms of housing demand. Designing for the BTR market requires a deep understanding of the needs and desires of today’s renters. Our goal was to create spaces that are not just functional, but also beautiful, welcoming, and reflective of the unique character and charm of the area.”
LEO at Cartersville is expected to be fully completed by August 2025, with first deliveries currently scheduled for December 2024.
Recent economic development headlines in Cartersville and Bartow County have announced more than a half-a-dozen large scale industry expansion projects coming, all providing from 300 to more than 3,500 jobs within the next few years.
Leo at Cartersville will be managed by Advenir Living, ensuring that residents receive the best possible customer service and support.
Alex Phillips, director of Multifamily Advisory Group at Cushman Wakefield brokered the transaction on behalf of both buyer and seller.
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About Advenir Oakley Capital LLC
Advenir Oakley Capital, LLC – a joint venture between Miami-based Advenir and Birmingham-based Oakley Group – is a vertically integrated investor, developer and operator of high-quality Build-to-Rent (BTR) communities with the purpose of acquiring and developing a portfolio of 10,000 BTR units across the U.S. Advenir Oakley focuses on growth and innovation and is dedicated to creating vibrant, sustainable communities and improving the lives of residents through development of comfortable, convenient, affordable housing. Advenir Oakley has offices in Atlanta, GA, Birmingham, AL, St. Peterburg and Miami, FL, and Kenosha, WI. Since inception the company has acquired and operated more than 600 BTR units valued at $150 million and has a pipeline of additional developments valued at $2 billion. Visit www.adveniroakleycapital.com
Photos courtesy of Advenir Oakley Capital
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