In an effort to beat waves of competition to the market, Post Properties will launch a 19-story apartment tower as the second phase of the company's Post Alexander development. The $76 million, 340-unit development is scheduled to break ground later this year, eventually overlooking Ga. Highway 400 and joining more than 3,000 apartments either planned or under construction in Buckhead and Brookhaven, the Atlanta Business Chronicle reports. In an interview with the newspaper, Post CEO Dave Stockert effused confidence in Buckhead, which he called Atlanta's No. 1 residential market. "Our renters are going to be young professionals, probably 29-, 30- and 31-year-olds that are well-employed and who want to live in intown locations," Stockert told the Atlanta Business Chronicle. "They aren't thinking about a commute to work from the suburbs. They want convenience."
Post has projects dotted around Buckhead already, including its Post Stratford and the Alexander's first phase. Several years ago, the company partnered with Novare Group Holdings to build The Ritz-Carlton luxury condos, a luxe building with units priced at $600,000 and up that's been called Atlanta's "best" condo tower. The newspaper reports that construction is under way on more than 1,400 apartment units in Buckhead and Brookhaven, and Post's tower isn't the only one planned for the Buckhead Loop.
In February, Florida-based Crocker Partners' unveiled plans for two more apartment towers, to rise 19 and 26 stories, respectively, and inject the area with more than 700 additional rental units. Still, like Stockert, many feel the submarket's potential hasn't been exhausted.
"We think the window on new apartments in Atlanta has not closed," Stockert said, citing population projections that show Atlanta regaining its breakneck growth rate of 100,000 people per year and packing on 50,000 to 60,000 jobs annually, the newspaper reported.
What say you? Is the bevy of pending apartment projects a wise move, or does it signal doom a la Atlanta's condo boom of the mid-aughts?
· Post to plant new tower next to Phipps at Ga. 400 [Atlanta Business Chronicle]
·19 & 26-Story Apartment Towers Slated for Buckhead [Curbed Atlanta]
[Condo amenities image via bizjournals.com]