Augusta Business Daily

Tue, November 28, 2023

New build-for-rent community breaks ground

Crews have broken ground on West Park Townhomes on Wheeler Road, across from Doctors Hospital. Ivey Group and Batson Cook are developing the 262-home community and both companies have extensive experience in the Augusta market.

The Ivey Group is one of the region’s largest homebuilders, and BCDC (Batson-Cook Development Company) is a real estate development investor. West Park Townhomes is their first joint-venture partnership.

The 262-home build-for-rent townhome community will be on a more than 29-acre site on Wheeler Road. The project is located near the intersection of Interstates 20 and 520 in Richmond County, a prime location for the growing demand of rental housing to accommodate the city’s expanding workforce.

“We are excited to join forces with BCDC and embark on this joint venture,” said Matt Ivey of Ivey Group. “West Park Townhomes represents an excellent opportunity to expand our portfolio and meet the evolving housing needs of the community.”

Ivey Group brings extensive experience in residential development to the partnership including a track record of over 2,000 for-sale homes built in the Augusta River Region through its affiliate Ivey Homes, and several multi-family projects.

“We are thrilled to partner with Ivey Group on this exciting development project in Augusta,” said Litt Glover, President and CEO of BCDC. “By leveraging our joint expertise and resources, we aim to create a community that enhances the lifestyle and meets the growing demand in the market.”

The project will offer renters a top-of-market amenity package, including a luxury clubhouse, resort-quality pool, state-of-the-art fitness room, and a pet park. West Park Townhomes will provide high-quality housing that caters to the needs of renters seeking spacious living environments.

The location offers proximity to retail, office, and residential amenities. The development is approximately half a mile south of I-20 and directly across from the Doctors Hospital of Augusta, making for convenient access to employment opportunities and services.

SRP Federal Credit Union will provide construction financing, with Parse Capital as the preferred equity investor. Patterson Real Estate Advisory Group represented the joint venture as the sole capital placement broker. General Contractor, Ivey South Construction, Ivey Group’s fully integrated in-house general contracting affiliate, has started the project with the first units anticipated to be delivered in the first quarter of 2024.

ABD reached out to the PR firm representing the project and is awaiting word on the price point and square footage of the townhome community. We’ll let you know when we find out.

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