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May. 31, 2013

Post Properties Kicks Off Phase II of $75.5M Buckhead Apartment Tower

By Georgiana Mihaila, Associate Editor

The elegant Post Alexander is now set to add 340 units to the Buckhead submarket of Atlanta, with developer Post Properties announcing that work has started on the second phase of the luxury high-rise community.

With a total development cost estimated at $75.5 million, Post Properties plans on funding the project out of its available cash balances, operating cash flow and borrowings—as needed—under its unsecured lines of credit. Groundbreaking on the project is expected in the following months, but no exact date has been set.

Post Alexander, located in the heart of Buckhead with easy access to MARTA—the downtown connector and GA 400, aims at combining the central location with elegant amenities in order to attract residents looking for luxury city living. The project will include 340 units with an average size of 830 square feet on 19 residential floors built over seven levels of parking, with rents averaging approximately $1,790 per month.

The luxury apartments will be complemented by amenities that include a rooftop terrace, elevated pool deck, fully-equipped fitness center and clubroom. Post Alexander will be adjacent to Phipps Plaza and near Lenox Square—two of the Southeast’s leading high-end shopping venues—and will benefit from proximity to the Buckhead commercial office district and high-end Buckhead and Brookhaven residential neighborhoods.

Atlanta’s apartment inventory is expected to surge this year by 1.1 percent, a recent Marcus & Millichap report shows. As the local job growth is likely to outpace the nation’s with companies looking to expand and relocate in the Atlanta metro area, demand for housing is on the rise.

Developers like Post Properties seem to be seizing the opportunity, with a total of 4,600 units set to be delivered to the market this year. Midtown and Buckhead alone will each add approximately 1,200 units, while last year’s total for the metro area was 1,700 units.

Image courtesy of Post Properties

For more market data on Atlanta, click here.

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