Participation in a New Multifamily Development Project in Atlanta, Georgia, USA

NTT Urban Development Corporation (Head Office: Chiyoda-ku, Tokyo; President and CEO: Kou Ikeda), through its U.S. subsidiary NTT UD USA Inc., announces its participation in the multifamily development project "NOVEL Lulah Hills" in Atlanta, Georgia, USA, jointly with Crescent Communities, LLC (Head Office: Charlotte, North Carolina; CEO: Brian Natwick), a U.S. real estate development subsidiary of Sumitomo Forestry Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President and Representative Director: Toshiro Mitsuyoshi).

The property is a six-story, 303-unit multifamily property. Construction commenced in December 2025, with completion scheduled for fiscal year 2028.

Atlanta is one of the cities expected to see further economic growth and job creation due to its relatively low taxes and cost of living, as well as proactive corporate attraction policies. Among the Sunbelt region, the city continues to experience steady population growth, sustaining strong demand for quality housing. This property marks our first residential development in Atlanta and our third entry into the Sunbelt region, following Dallas, Texas, and Orlando, Florida.

In addition to our existing New York and Boston offices, we established a Dallas office in July 2025 to create business opportunities in the Sunbelt region. We will continue to strengthen partnerships and advance our projects.

Project Overview

The property is located in the Decatur area, approximately 10 km northeast of the metropolitan center. With convenient access—approximately 20 minutes by car—to Midtown and Buckhead, where major corporations and startups are concentrated, the area is popular as a residential neighborhood. The surrounding area includes numerous educational and medical institutions, including Emory University founded in 1836, and is expected to maintain continuous housing demand driven by population growth.

The property forms part of the large-scale mixed-use redevelopment "Lulah Hills," led by EDENS, a major U.S. commercial developer, on the former site of a shopping mall. Spanning more than 30 hectares, Lulah Hills will feature supermarkets, a movie theater, diverse retail facilities, approximately 1,800 residential units, and pedestrian paths connecting Emory University and nearby nature preserves. This property will be the first multifamily development to break ground in Lulah Hills.

The property will offer shared amenities including an outdoor courtyard, dining spaces, and pool, as well as indoor lounges and a fitness center, providing comfortable social spaces for residents.

Retail spaces on the ground floor will contribute to local vibrancy and convenience.

Groundbreaking Ceremony

A groundbreaking ceremony was held at the site, attended by Crescent Communities and other project stakeholders, and government officials. The ceremony drew strong attendance, with more than 50 attendees.

Project Data

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