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An Atlanta developer and two partners have begun construction on a 303-unit apartment complex in Venice.
South City Partners is building the complex on 15.85 acres immediately next to a 700-home residential project being built by Meritage Homes. The property is at 1700 Ranch Road.
South City is leading the joint venture with the commercial real estate firm BCDC of Atlanta and the real estate investment firm Capital Square of Richmond, Virginia.
According to a spokesperson, the companies will not disclose the cost of the development, but county records show South City bought the property from Meritage in late April for $7.8 million.
In a statement announcing the start of construction, the developers say Synovus Bank and Trustmark Bank are the lenders for the project with preferred equity from Marble Capital.
When complete, the complex will feature a mix of one-, two- and three-bedroom units with a list of amenities available in most modern complexes — fitness center, swimming pool, clubhouse and dog park. The complex is being called a luxury development.
Leasing is expected to begin late next year.
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