High Street Buys Land for Atlanta Luxury Community
Residences at Perimeter Summit will encompass 350 units.
High Street Residential—a subsidiary of Trammell Crow Co.—has purchased a 4-acre site in Brookhaven, Ga., for Residences at Perimeter Summit, a 350-unit transit-oriented luxury project due to come online by the end of the year. Cooper Carry is the architect in charge.
To rise seven stories inside the Perimeter Summit mixed-use development, the project will comprise studio, one- and two-bedroom floorplans averaging more than 900 square feet. Amenities are slated to include a swimming pool, gym, clubroom, business center equipped with a private conference room, resident lounge, as well as a dog park.
READ ALSO: Capital Market Outlook Brighter After Volatile Period
Perimeter Summit will stretch across 83 acres and will encompass 1.7 million square feet of retail and office space across four buildings. An 182-key hotel, as well as a condo building, will also be part of the mixed-use development.
Spear Street Capital planned to invest in capital improvements at the mixed-use development’s office campus, following its $247.5 million purchase of the office asset in 2023. Employers such as Mercedes-Benz, T-Mobile and Dell are on the tenant roster.
Initially marketed as potential office development in 2021, High Street’s site at 5005 Perimeter Summit Blvd. is less than 1 mile off Interstate 285, as well as roughly 14 miles northeast of downtown Atlanta. Two MARTA rail-line stations are within a 1-mile radius of the development, while Perimeter Mall—a shopping center including nearly 160 shops across 1.5 million square feet of retail—is less than 1 mile away.
Breaking down Atlanta’s multifamily pipeline
A recent Yardi Matrix report reveals that Atlanta’s pipeline had a steady 37,867 units under construction as of November 2023. Suburban markets saw an uptick in activity, accounting for 52.5 percent of incoming stock.
Following national trends, construction starts softened year-to-date through November 2023. Developers broke ground on 14,787 units throughout 2023’s first 11 months, marking a decrease from 2022’s 19,345 unit count recorded during the same interval, according to the same report.
Last year, Vista Residential Partners teamed up with Atlantic American Partners and Township Capital to break ground on Oak Grove Vista’s first phase—a mixed-use development in McDonough, Ga. The project’s first phase is set to include 302 units.
Developers started construction on nearly 1,300 units during the first three months of 2024 in metro Atlanta, a massive decrease compared to the first quarter of 2023, which recorded north of 7,600 units added to the pipeline, Yardi Matrix data reveals.
