SANDY SPRINGS, GA – Kennedy Wilson, a global real estate investment company, has partnered with Shimizu Corporation to develop Caldwell, a 382-unit luxury multifamily community in Sandy Springs, Georgia. The project marks Kennedy Wilson’s first multifamily development in Georgia and the first partnership between the two firms. Kennedy Wilson bought the 6.9-acre site that housed a former UPS office in late 2025 and started demolition this summer.
Located at 35 Glenlake Parkway NE, the project will redevelop the office property into a five-tale luxury residential community in one of Metro Atlanta’s most desirable submarkets. The community will feature 382 residences averaging 937 square feet, more than 17,500 square feet of indoor and outdoor amenities, and convenient access to Atlanta’s major employment centers, retail destinations and transportation corridors.
“Our acquisition of Caldwell is an exciting milestone for Kennedy Wilson as we expand our multifamily development platform in Georgia and establish our first partnership with Shimizu,” said John McCullough, President, Multifamily Development Group at Kennedy Wilson. “Caldwell offers exceptional long-term fundamentals, driven by strong employment growth and an affluent resident base with limited new multifamily supply. By transforming an underused office site into a thoughtfully designed residential community, we are maximizing the utility of the land and making much-needed housing in one of Atlanta’s most desirable metros.”
We re incredibly proud to start our first partnership with Shimizu. What makes this venture especially meaningful is the friendship and trust we ve built along the way, and we re honored to be their partner and steward of this investment, said Robert Miyajima, Senior Vice President at Kennedy Wilson. We look forward to growing together for many years to come, both through this partnership and Kennedy Wilson s broader commitment to Japan.
“Caldwell represents an exciting opportunity for Shimizu to expand its presence in the U.S. and provide high-quality residential solutions,” said Satoshi Arai, President of Shimizu Realty Development (U.S.A.), Inc. “We value this inaugural partnership with Kennedy Wilson, leveraging their proven expertise in identifying and capitalizing on the potential of high-growth markets like Sandy Springs. By developing a high-quality residential community, we are making meaningful value for the local community​. We believe that this project will be a significant addition to the neighborhood and is well-positioned to thrive.”
The development underscores Kennedy Wilson’s continued focus on expanding its multifamily platform in high-growth markets with strong long-term fundamentals. Sandy Springs has experienced significantly less multifamily supply growth than the broader Atlanta metropolitan area in recent years, supporting sustained rental demand and reinforcing the area’s long-term investment appeal.
The approximately $139 million development is expected to welcome its first residents in 2028. New South Construction will serve as general contractor, Dynamik Design as architect and PEC+ as civil engineer.

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ATLANTA, GA – Sherman Residential has bought Celadon on Club, a Class A multifamily property in Lawrenceville, GA, the company announced. Celadon on Club is a 352-unit luxury apartment community located in one of the fastest-growing areas of metro Atlanta, Gwinnett County. A major industrial expansion with manufacturing, healthcare, and technology campuses in the area. The area’s population has grown significantly as a result.
Completed in 2023, Celadon on Club sits conveniently in the middle of the Gwinnett County expansion and within 15 minutes of well loved downtown districts, like Duluth and Norcross. Celadon itself occupies 30+ acres, providing ample green space and walking paths for its residents. Lawrenceville offers a 25-acre community park across Club Street and a highly sought-after school district. Gwinnett School of Mathematics, Science & Technology, located nearby, is consistently ranked among the top public high schools in Georgia.
Celadon on Club’s resident-focused amenities provide: One- to three-bedroom apartments expanding to over 1,400 square feet; A 3,000-square-foot, resort-style pool; Luxury apartment finishes, such as granite countertops and pendant lighting; A resident clubhouse offering a multi-room fitness center, golf simulator, and workstations; Open-air, covered lounges surrounding the pool with games, grilling, and seating; Conveniences like in-unit washers and dryers, EV chargers, and property-wide Wifi; and 16 acres of dedicated onsite greenspace.
Managing Director and Chief Investment & Strategy Officer of Sherman Residential said:
“We’re excited to add Celadon on Club to our growing Georgia portfolio — this acquisition brings our Georgia portfolio to over 800 units, which speaks to our commitment to the Southeast market. We look forward to bringing Sherman’s hands-on ownership approach to this special community.”

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SEATTLE, WA – Fourth Avenue Capital and Capital Funding Partners announced the acquisition of Steppe Apartments, an 87-unit Class A apartment community in Bend, Oregon. This acquisition expands FAC’s portfolio to 31 properties with seven in the Bend market.
Steppe is a newly constructed Class A apartment community completed in 2025. The property consists of thoughtfully designed 1-bedroom and 2-bedroom floor plans.
Steppe is located directly adjacent to St. Charles Medical Center, the largest employer in Central Oregon. The surrounding medical campus and affiliated office space make one of the region’s largest concentrations of white-collar employment. Residents can access many of Bend’s highest-paying healthcare jobs via the neighborhood trail network, providing a unique live-work advantage.
Unit interiors feature stainless steel appliances, quartz countertops, tile backsplashes, undermount sinks, luxury plank flooring, air conditioning, and in-unit washers and dryers. Community amenities include a leasing office, resident lounge, outdoor courtyard with barbecue area, roll-up garage door, and dog wash station.
“Steppe offers differentiated architectural design and top of market quality in one of the most desirable infill locations in Bend,” said Davis Vaughn, Managing Partner at Fourth Avenue Capital. “By selectively acquiring in growing secondary markets at meaningful discounts to replacement cost, we are able to deliver outsized yield to our investors.”
Bend is the fastest-growing area in the state and has accounted for approximately 47% of Oregon’s population growth since 2020. Deschutes County has grown at roughly five times the statewide rate, with a disproportionate share of growth occurring among higher-income households.
The market has experienced significant expansion in affluent residents, with the number of households earning more than $200,000 annually increasing by over 150% during the past decade. Combined with limited housing supply, strong job growth, and continued in-migration, these trends have supported sustained demand for high-quality rental housing throughout the Bend market.

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