As Downtown Atlanta continues to experience large amounts of growth in home and rent price, people are getting priced out and migrating towards the outskirts of Atlanta such as the Jailette site. The average rent price In Jailette which is located about 20 minutes outside of Downtown Atlanta will be $1,580 compared to the average rent price in Atlanta of $1,699. This 14-acre site in South West, Atlanta is under contract for purchase.
The site has recently been approved for development, with all entitlements and permitting in place. We plan to develop 108 lots including horizontal improvements: installing electricity, water, sewer, and paved roads with curb and gutter, sidewalks, playground, etc. This single-phase development will take approximately 12 months to produce buildable lots. Once the lots are complete, Paran Homes will build 8 homes per month to be purchased by an institutional buyer. In totality, we expect the project to complete in 2.5 years from the funding date of the development.