RealtyMogul: Advenir At Mallory Lake Offering

Real estate investment platform RealtyMogul opened the pledging window for a Class A multifamily development in the Atlanta metropolitan statistical area (MSA).

Advenir at Mallory Lake is the ground-up development of a 300-unit garden-style apartment community. Site construction is underway with foundation slabs being poured and wood framing being built. With the construction loan closed, the development is expected to be stabilized in September 2025. Project sponsor Advenir has achieved a favorable basis cost for the project — a 30% discount compared to established sales comps in the area. 

The Class A multifamily community will offer tenants resort-style amenities and modern interior finishes. Each interior will feature granite countertops, stainless steel appliances and luxury plank flooring with a select number of units receiving large terraces and private balconies. Community spaces include a clubhouse with a lounge room, coffee bar, business center, 24-hour fitness center, saltwater pool with poolside cabanas and sundeck and an outdoor pavilion.

Metropolitan Atlanta has seen substantial and rapid growth in jobs and population over the course of the last few years. The Atlanta MSA is expected to have a job growth rate of 35% in the next three years. The apartment community, along the Interstate 85 corridor, is within 20 minutes of major employment centers with over 36,000 jobs.

The housing supply has not kept up with the area’s rapid job growth. Three apartment communities with 558 units have been developed in the immediate area in the past 12 years. The lack of multifamily development has led to an average 96% occupancy rate in the submarket and a year-over-year effective rent growth rate of 8% for September 2022, according to CoStar Group. The severe constraint on housing supply gives Advenir at Mallory Lake the opportunity to achieve and maintain a high occupancy rate during the holding period. 

Founded in 1996, Advenir is a vertically integrated real estate investment company that has owned and operated more than 25,000 units valued at $3.7 billion. The group focuses on high-value assets in growth markets, which leads to stable cash flows and asset appreciation. With over 27 years of experience, the real estate investment firm has operated during multiple real estate cycles in multiple markets.

• Minimum investment: $35,000
• Target internal rate of return (IRR): 21.3%
• Target equity multiple: 1.52x
• Target investment term: three years

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Photo courtesy of RealtyMogul