Twelve Centennial Park

The Twelve Centennial Park highrise building is really one of a few of the nicer ones in downtown. It is 39 stories high and is one of the tallest residential buildings in Atlanta. It came to market in early 2008, really at the peak of the market. Since then, prices for Twelve Centennial have come down considerably. The developer has a few units that they are closing out starting at $139,900 for a high floor (30+) one-bedroom with a storage space. These one-bedrooms are new units that were originally selling for 40% more just a few years back. While the area is not necessarily the best, this is still a beautiful highrise building. It has a very large rooftop pool, expansive clubroom, and an enormous theater room. It shares the amenities with the boutique Twelve Hotel next door, which is a bonus. Foreclosed, low-floor one-bedrooms are now often under $120K, and two-bedrooms are often in the $180K-210K range on the resale market. I helped five buyers purchase here in 2011 and currently have two more set to close in 2012. As furnished corporate rentals, these fetch $1800-$2000 a month. My firm’s vast assortment of media and real estate reach helps obtain these prospective tenants.

At this building, these rental rates are offering returns of 20-25% a year if you buy a unit for 20% down. That rate of return is based on the unit being occupied for ten months per year. As mentioned, I have clients from up North and out West lining up to buy here and into other buildings where the furnished rentals go for high rates and the units to purchase are very well priced. (See Eclipse under Buckhead, which is the other corporate rental building both my investors and I like for strong yields.)

I am very familiar with this developer and what we can get at various price points. If you have been considering this building, then now is the time to act as the building is now over 97% sold!

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