Michael Ryan, Brian Linnihan, Richard Henry and Blake Cohen secured the preferred equity investment through Nationwide Insurance Co. and senior financing through Synovus Bank.
“Despite the explosive industrial development, multifamily construction in Douglas County has been relatively muted, resulting in a submarket predominantly comprised of older-vintage assets that have benefited from substantial rent growth given the lack of new supply,” Ryan said. “Additionally, the County’s zoning requirements allow for a maximum of only six units per acre for multifamily projects, making it difficult to develop new multifamily in Douglas County. Sweetwater Vista will benefit from limited competitive supply within a high-barrier to-entry market.”
Located on Riverside Parkway, the property will include nine three- and four-story residential buildings with an average unit size of 1,000 square feet. Construction began in August.