Greystar Kicks Off Leasing in Sizzling Apartment Market
Area vacancies are at their lowest levels of the current cycle.
By Dees Stribling, Contributing Editor
Atlanta—Greystar has started leasing at its 358-unit Elan Lindbergh, a new apartment property in Atlanta. The company has opened the community’s leasing office and said that the first move-ins will be in July.
Elan Lindbergh will offer studios, as well as one- and two-bedroom apartment units ranging in size from 576 square feet to 1,341 square feet. The property is at 741 Morosgo Dr. just east of the intersection of Piedmont Rd. and Lindbergh Dr., which is between Atlanta’s Buckhead and Midtown neighborhoods.
Common amenities will include a community clubhouse with a fitness center, yoga studio, billiards room, kitchen and Wi-Fi lounge. Residents will also have access to a swimming pool with a sundeck, cabanas, aqua lounge, bocce ball court, outdoor kitchen and grilling stations. The property will feature electric car charging stations, secured bike storage, a dog park and garage parking with controlled access.
As an apartment market, metro Atlanta is sizzling. According to investment specialist Marcus & Millichap, though more than 8,700 apartment units were completed over the last 12 months, vacancy is nevertheless at its lowest levels of the current cycle, at 6.5 percent at the end of 2014.
Moreover, demand has pushed up rents in the various submarkets, such as Old Fourth Ward, Midtown and West Atlanta, all of which are near shopping and employment hubs are. Robust demand for apartments throughout the metro will cause rents to rise 7.6 percent in 2015, the company predicts, as demand outstrips supply by a wide margin.
