Investors with a vintage Buckhead apartment complex have confirmed the validity of tips from residents that were recently reported on these pages: The complex is indeed a rare case of Atlanta rentals being transitioned to for-sale condos.
Tenth Street Ventures intendeds to convert the 50-unit apartment community Park at Peachtree Memorial into what the group describes as “affordably priced luxury condos.”
Tucked off Atlanta’s signature street, between Holeman and Finch restaurant and the eastern edge of Atlanta Memorial Park, the recently updated rentals are billed as a unique mix of Art Deco styling and modern finishes.
Investors announced this week Atlanta-based Tenth Street has secured a $9.57 million loan from Tioga Capital, arranged by CBRE, to pull off the conversion project.
CBRE’s Yakhin B. Israel called the “challenging” venture “one of the first condo conversion projects in Atlanta’s current real estate cycle” in a press release.
The release doesn’t specify what “affordable” condos might be, in terms of sales pricing, and a timeline for the project wasn’t given. We’ve asked for more specifics and will update this post should more information come.
Built in 1924, the units have been renovated in recent years with granite, fresh appliances, and screened porches, according to Apartments.com. One-bedroom rentals currently begin at $1,250, while the largest two-bedroom options rent for $1,999.
Earlier this month, tips from current renters indicated that tenants had 120 days to find another place to live—unless they’d be willing to buy a condo.