AUGUSTA, Ga.--(BUSINESS WIRE)--Balfour Beatty Communities, a national residential real estate investment and management company, in partnership with the U.S. Army at Fort Eisenhower, celebrated the ceremonial groundbreaking of a new construction project that will bring modern, upgraded homes to servicemembers and their families living on-base. The new development is part of a comprehensive plan to invest in the renewal and reconstruction of dated housing across Balfour Beatty Communities’ Army housing portfolio.
The project is being developed on a vacant parcel of land within Fort Eisenhower’s on-base family housing community, Providence Family Homes. The new neighborhood, Pine Tree Terrace, will feature three and four-bedroom townhomes designated for privates and junior non-commissioned officers. The development will also include accessible four-bedroom detached homes and a playground.
“We are truly honored and proud to serve those who serve,” said Charles Parker, EVP Military Housing, Balfour Beatty Communities. “This investment and the renewal of our Fort Eisenhower community remain a top priority. The new construction, and our broader home renovation efforts, will help us deliver a vastly superior housing experience at Fort Eisenhower for generations to come.”
Colonel Reginald Evans, Fort Eisenhower Installation Commander, said, “Pine Tree Terrace provides much-needed new housing for our junior enlisted servicemembers and marks the beginning of a multiyear development plan to modernize family housing at Fort Eisenhower.”
Site work on Pine Tree Terrace is underway and vertical construction is expected to commence in March 2024 with completion in late 2025.
Working with the Department of Defense, as part of the Military Housing Privatization Initiative (MHPI), Balfour Beatty Communities has delivered more than 14,000 new homes and significantly renovated an additional 15,000 housing units. MHPI was enacted in 1996 to leverage private-sector capital and expertise to address the military’s backlog of deferred maintenance by expanding and upgrading housing, with predictable, stable long-term operating costs and performance. Balfour Beatty Communities will finance, develop, build, renovate, and operate these projects for at least 50 years.
About Balfour Beatty Communities
Balfour Beatty Communities is an active owner and operator of residential real estate in the multifamily, student and military housing sectors across the United States. Since its inception in 1999, Balfour Beatty Communities has invested in nearly 100 properties representing more than $7.9 billion of gross asset value. Our broad in-house expertise includes decades of acquisition, development, finance, renovation, leasing and property/facility management experience. Leveraging this extensive expertise and a customer service-focused approach, Balfour Beatty Communities seeks to create value in its real estate projects while delivering exceptional living experiences. For more information, visit balfourbeattycommunities.com.