Post Properties Inc., an Atlanta-based real estate investment trust, will be developing a luxury high-rise in Buckhead, adjacent to Phipps Plaza – a change from the company’s usual sprawled and gated community.
“Creating value, by developing exciting new communities, is one of the most important drivers of our business. Today’s announcements reflect our focus on creating high-quality, well-appointed apartment homes, located in the places our customers want to be,” said Post’s CEO Dave Stockert in a news release.
The project will include 340 units with an average size of 830 square feet. There will be 19 residential floors built over seven levels of parking with rents averaging approximately $1,790 per month.
The building will include a rooftop terrace and elevated pool deck, and a fully equipped fitness center and clubroom.
The development’s total cost is estimated to be $75.5 million and Post expect to break ground on the project within the next few months.
On East Andrews Drive, Houston-based Camden Property Trust will be opening Camden Paces apartments by the end of 2014 or the beginning of 2015, said Chad Weaver, Camden’s vice president of real estate investment.
The company purchased the property where The Paces Apartments once sat in August 2011 for $39 million.
“The size of the site allowed us to get creative,” Weaver said.
He said the 30-acre complex will offer three distinct product types, catering to all ages.
“We will have town homes that are very nice and high-end to cater to families or empty-nesters,” he said.
“Our podium buildings will cater to an affluent demographic.”
He said the “wrap building” will offer smaller apartments for the young professional demographic.
He said each building will have its own amenity space with large resident rooms, libraries, pools and fitness centers.
“The location is one of the prime spots in Buckhead, which is the prime spot in Atlanta,” Weaver said.