The Etowah Shoals Village, a mixed-use development, will cost roughly $50 million.
Phase I of Etowah Shoals Village will be River Ridge, a 198 single-family rental home project that will feature three-, four- and five-bedroom homes ranging from approximately 1,600 to 2,800 square feet apiece. River Ridge will include a community center, swimming pool and fitness facility.
Phase II will involve a 16-acre general commercial tract that will serve as the entire project’s gateway.
Michael Cooper, managing principal of land acquisition firm Blue River Development, served as acting broker in the transaction. The seller was Etowah Land Partners.
“Cherokee County is the fastest growing county in metropolitan Atlanta and we have accomplished our goal to provide well-priced housing in a ‘live/work/play’ community with the sale to American Homes 4 Rent,” Jeff Johnson, managing partner of Etowah Land Partners, said in a company statement. “We anticipate the Phase II commercial corridor to provide mixed-use service, retail and office to serve the new budding community.”
American Homes 4 Rent has a portfolio of more than 4,900 homes in the Atlanta market.
“American Home 4 Rent’s new home development program invests in local communities in key markets across the country,” said Chief Executive Jack Corrigan in a statement. “We are pleased to bring our innovative River Ridge community to the vibrant Etowah Shoals Village as we expand our presence in the Atlanta area.”
Shares of American Homes 4 Rent closed Thursday down 37 cents, or 1.2 percent, to $29.56 on the New York Stock Exchange.