Image courtesy of Atlantic Residential, FIDES Development, Capital City Real Estate and Mitsui Fudosan America.
A joint venture between Atlantic Residential, FIDES Development, Capital City Real Estate, and Mitsui Fudosan America has started constructing a 350-unit luxury apartment project in Midtown Atlanta. JLL arranged joint venture equity financing through Mitsui Fudosan America. The first units are slated for completion in June 2024.
Located at 1441 Peachtree St., the Arts District property will be within walking distance of the High Museum of Art, the Museum of Design Atlanta, and the Savannah College of Art and Design. The community will also be roughly a 10-minute walk away from the MARTA’s Arts Center Station, connecting it to downtown Atlanta.
The 28-story building will have studio, one-, two- and three-bedroom units with balconies or terraces. Designed by Niles Bolton Associates, the property will feature an internal sky bridge providing access to coworking spaces, a fitness center, wine bar and lounge, and a pool.
Luxury Projects Drive Development in Atlanta
In 2021, multifamily deliveries in Atlanta reached an all-time high, with 14,185 units completed, accounting for 3% of existing stock and 30 basis points above the U.S. rate, a Yardi Matrix report noted. At the end of the first quarter, the metro had around 26,018 units under construction, with 77% of the projects targeting luxury renters.
Most of the projects underway are in urban submarkets — Lawrenceville in northwest Atlanta and urban Midtown West/Centennial Place led construction activity, with a respective 2,506 and 2,407 units underway, the report indicated.
While heavy in-migration has increased the need for luxury developments, the metro is also in dire need of workforce housing, especially in the blue-collar south-side submarkets, according to a report from Matthews. The lack of new supply and high demand for workforce housing has driven investor interest in the region, and projects are also picking up along the South Side BeltLine and in the Summerhill neighborhood, Matthews highlighted.