Top Rust Belt Markets for Construction Activity

August 5, 2021 - by Sergio Torian

More than 68,700 units were underway in the Rust Belt as of June, Yardi Matrix data shows. Combined, the top five markets in the region include some 40,500 units underway, accounting for 59 percent of the total pipeline. Construction activity lagged in 2020 due to the pandemic, with most markets recording a drop in multifamily deliveries.

However, 2021 is showing signs of recovery, as projected deliveries are expected to surpass last year’s completions. The uptick in development activity has been prompted by a shift in investor interest from coastal markets to smaller, stabilized Midwestern markets. Utilizing Yardi Matrix data, the table below highlights the top five markets for multifamily construction activity in the Rust Belt region.

Rank	Market	Units Under Construction
1	Chicago	16,491
2	Columbus	7,945
3	Detroit	6,054
4	Milwaukee	5,271
5	Indianapolis	4,744

5. Indianapolis

More than 4,700 units were underway in Indianapolis as of June. The market’s affordable cost of living attracted both renters and homeowners, with 2020 completions amounting to more than 2,300 units and some 3,000 apartments a year earlier.

Close to 3,000 units are scheduled for completion by the end of 2021, with development concentrated in the Westfield-Noblesville submarket (906 units under construction). Some 900 units were underway in downtown Indianapolis, including Residences at CityWay Phase II, the largest community under construction in the metro. Developed by Buckingham Cos., the 402-unit property is expected to come online later this year.

4. Milwaukee

Developers were working

Under Construction

Top 5 Multifamily Projects Under Construction in Atlanta

July 12, 2021 - by Sergio Torian

As one of the largest metro areas in the Southeast, Atlanta is in the midst of an ongoing expansion as a result of consistent in-migration from higher-priced cities, leading to high demand for new supply. In the first quarter of 2021, multifamily development maintained an above-national average pace.

According to Yardi Matrix data, some 20,400 units were under construction across 89 properties throughout the metro as of June. And year-to-date through June, developers added more than 7,200 units in 26 communities to inventory.

The table below highlights the largest developments underway in the metro, all of which are in urban submarkets. Two of the projects are expected to be completed this year, while four entries represent extensive redevelopments.

Rank	Property Name	Units	Submarket	Owner	Anticipated completion
1	760 Ralph	700	Martin Luther King Historic District	New City Properties	04/2023
2	The Lofts at Twenty25	612	South Buckhead	Varden Capital Properties	07/2021
3	Herndon Square	600	Midtown West/Centennial Place	Hunt Cos.	01/2027
4	Vesta Bouldercrest	438	Lakewood	Middleburg Communities	11/2021
5	903 Peachtree	427	Midtown South	CA Ventures	11/2022

Source: Yardi Matrix

5. 903 Peachtree

903 Peachtree. *Rendering courtesy of CA Ventures via Midtown Alliance*

CA Ventures is working on a 33-story mixed-use tower in Atlanta’s Midtown South submarket. The development will feature 427 units, 12,000 square feet of street-level retail space and eight levels of podium parking. Solomon Cordwell Buenz serves as the architect.

The project received a $101 million construction loan at the beginning of 2020 from QuadReal Finance.

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