Monroe Welcomes The Jax: A New Multifamily Development

The Jax is set to transform the housing landscape in Monroe with luxury living options.

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News Summary

A groundbreaking multifamily housing project, The Jax, is underway in Monroe, Georgia. With a $42.7 million construction loan secured, this development will feature 282 luxury units, a variety of amenities, and aims to meet the growing demand for rental housing in the area, positioning Monroe as a new community hub.

A New Era for Monroe: The Jax Construction in Full Swing

In a groundbreaking development poised to transform the multifamily housing landscape in Monroe, Georgia, a construction loan of $42.7 million has been secured for an ambitious project known as The Jax. Nestled at 200 Aycock Avenue, this 282-unit garden-style multifamily development is strategically located approximately 40 miles east of Downtown Atlanta, making it a prime spot for residents seeking both convenience and comfort.

Modern Living Redefined

The Jax will feature a total of seven three-story residential buildings, designed with an array of unit layouts. Prospective tenants can choose from one-, two-, and three-bedroom floorplans, with an average size of 1,117 square feet. Each apartment unit is set to boast an impressive range of luxury finishes, including high ceilings, plank flooring, and stainless steel appliances. In select units, renters can also indulge in opulent granite countertops, elevating their living experience.

A New Community Hub

Beyond the private living spaces, The Jax aims to create a vibrant community atmosphere with an impressive suite of amenities. Residents will benefit from a state-of-the-art business center, a stylish clubhouse, and a refreshing pool for relaxation. Fitness enthusiasts will appreciate a well-equipped fitness center along with a recreational volleyball court and a picnic area for socializing. Furthermore, the development will offer EV charging stations to support electric vehicle owners, as well as a breakfast/coffee concierge to kick-start their mornings.

Breaking Ground in Monroe

Significantly, The Jax marks Monroe’s first large-scale apartment project, directly addressing a crucial demand for high-quality rental housing in the area. This initiative is timely, as the Walton County Public School District serves the development, underscoring a commitment to supporting families and students alike.

Forecasting Growth in Walton County

Experts predict that Walton County is set to become one of the top five counties in the Atlanta metropolitan area for population growth, with an anticipated 51% increase from 2020 to 2050. This remarkable projection reveals a fertile ground for sustaining new housing developments, ensuring that The Jax is strategically aligned with future growth trends.

The Financial Backbone

The construction loan for The Jax has been meticulously structured by CBRE Capital Markets’ Debt & Structured Finance team. The loan includes a two-and-a-half-year term, remains interest-only, and has been affixed at approximately 74% loan-to-cost, with an earnout feature based on completion and leasing milestones. Financing has been facilitated by the Atlanta-based Peachtree Group, positioning the project for successful realization.

A Blossoming Future

As the construction timeline remains undisclosed, excitement is building for what The Jax will bring to the Monroe community. The multifamily sector is under a spotlight, with various industry webinars and events lined up to analyze the challenges, trends, and strategies essential for success in the evolving market.

The Jax represents more than just new housing; it encapsulates a vision for community development and enhancement in Monroe, Georgia. This development is not merely meeting a demand; it lays the foundation for a flourishing future where families can grow and prosper.