ATLANTA: Big Names, Big Projects
You know Atlanta multifamily's firing on all cyclinders when national names like Behringer and Greystar are in the construction mix. The latest: Dallas-based Behringer's multifamily REIT is going to break ground on Cyan on Peachtree, a 329-unit luxury apartment tower at 3380 Peachtree Rd in Buckhead. The 23-story project, developed by an affiliate of local firm Atlantic Realty Partners, will include a seven-level parking deck and is projected to open in mid-2015, SEC filings show. The project's equity is partly funded by Dutch pension fund advisor PGGM Private Real Estate Fund. (Does that mean the parking deck will include a speedskating rink?)
Charleston-based Greystar has its eye on the Little Five Points neighborhood. It's with the help of Invest Atlanta, which is scheduled to vote this week on a $54M revenue bond so Greystar can purchase and develop a lot at 1150 Wade St for a 285-unit apartment building. According to docs from Invest Atlanta, Greystar's 268k SF project will also include 15k SF of retail and a five-level parking deck. Greystar projects rents from $1,150/month for a studio to $1,700/month for two-bedroom. Per the Invest Atlanta agreement, 10% of the units must be affordable housing.
