The Atlantic Residences

The Atlantic was first built three years ago. At 47 stories high, it is one of the tallest residential highrises, not just in Atlanta, but in all of the Southeast including Miami. If you travel often for your job, then you may recall the Delta Airlines magazine having a full-page ad in it for six months, touting the new luxurious Atlanta highrise. Back then, units at presale started at about $400K, or about $400 per square foot. In 2009, this building was taken over by The Starwood Group (yes the same people who run the Westin and W hotel chains) and, early in 2011, the building moved its first residents in.

These new units are were selling for $200 per square foot and up. So that is about half of what the original developer intended it to sell for. For example, there were LARGE one-bedrooms at around 1000 square feet plus a balcony, starting in the high $180K range. Two-bedrooms are starting in the $250K range. I deal with a number of shrewd buyers in Atlanta. Some have worked with me to purchase their first luxury condo and others have worked with me to purchase prime investments that should outperform the crowded Atlanta condo market. This building was about 35-40% sold when the rest of the building was sold to a Florida developer who will likely make the remaining units high-end rentals. As mentioned in the preamble, the Atlanta high-end rental market is in short supply. Large national real estate firms are moving into town taking advantage of this fact.

Most recently the remainder of the building was taken over by a Florida Real Estate developer and turned into rentals. Seems Starwood group received an offer that they could not refuse.

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One Response to “The Atlantic Residences”
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