American Homes 4 Rent recently announced it has acquired 55 acres of undeveloped land at Etowah Shoals Village, a mixed-use, multi-generational development in Canton, to build 198 houses for rent.
Officials said that American Homes 4 Rent has begun site development work and that the company will invest approximately $50 million in developing River Ridge, an 198 single-family rental home community that will include a neighborhood amenity center, pool and fitness facility.
This development, which represents Phase I of Etowah Shoals Village, will be located adjacent to River Pointe Parkway and I-575 at Exit 20. Etowah Land Partners recently released Phase II, a 16-acre general commercial tract that will be the gateway to the new American Homes 4 Rent community.
“Cherokee County is the fastest growing county in metropolitan Atlanta and we have accomplished our goal to provide well-priced housing in a ‘live, work, play’ community with the sale to American Homes 4 Rent,” Managing Partner Jeff Johnson of Etowah Land Partners said. “We anticipate the Phase II commercial corridor to provide mixed-use service, retail and office to serve the new budding community.”
Officials said the River Ridge development will feature three, four, and five-bedroom homes ranging in size from approximately 1,600 to 2,800 square feet. The neighborhood will provide residents with quick access to local job centers, dining, shopping and entertainment.
“We are pleased to bring our innovative River Ridge community to the vibrant Etowah Shoals Village as we expand our presence in the Atlanta area,” Chief Investment Officer Jack Corrigan of American Homes 4 Rent said.
A separate rental home development was recently approved by the Canton City Council last month. This development will consist of up to 300 rental townhouses in the Riverstone development, and will be located along Bluffs Parkway and Riverstone Boulevard.
Becky Babcock, CEO, Owner, and Broker of Path and Post Real Estate in Woodstock, added that there is a growing strong demand for rental homes due to the benefits presented by this certain style, and that rent rates are at an all time high.
“There is also a larger profit per unit on resales of individual homes versus the per unit profit on a large multi-family apartment complex,” she said. “Also, from a rental standpoint, people who move into rental homes tend to stay longer than in apartments, which is better for neighbors who don’t want a transient area.”
American Homes 4 Rent is a real estate investment trust company that focuses on the single-family home rental industry, and is focused on acquiring, developing, renovating, leasing and operating attractive, single-family homes as rental properties.
Etowah Land Partners is a real estate development firm developing Etowah Shoals along the Etowah River. Etowah Shoals Village is a proposed mixed-use multi-generational village to include 1400 single family and residential units and 32 acres of a neighborhood commercial center.