No. 10 Park Rental Community to Rise Up on Perimeter Center East

By Anuradha Kher, Online News EditorAtlanta–Construction on No. 10 Park, Lane Co.’s newest development, has begun. The $60 million luxury rental community, located at Perimeter Center East and Ashford Dunwoody Road, features 312 units. The first residents are expected to move in by the summer of 2009, followed by completion of the entire project in the fall.“The Perimeter area is one of the strongest markets in the metro Atlanta area,” John Bell, development partner for Lane Southeast LLC, tells MHN. “Low apartment vacancies and strong job growth will mean a continued demand for luxury apartments,” he added.The project features one- and two-bedroom apartments ranging in size from 750 to 1,000 sq. ft. The average rent for a one-bedroom unit is $1,100, and $1,450 for a two-bedroom unit. When complete, the building will offer amenities including a resort-style pool with a sundeck and cabana. The clubhouse will feature a 24-hour fitness center, WiFi Internet café, conference room and open theater-style kitchen for resident gatherings. Exteriors of the contemporary-style five-story building will include landscaped courtyards with seating areas, fountains and gardens. Covered parking will be concealed from public view.“This area is one of the true mixed-use areas of Atlanta, located a block from one of the largest regional high-end malls. It is also an area that is expected to see few multifamily developments in the coming years,” Sherman tells MHN.The two equity partners for the development are Eagle Realty Group and an affiliate of WLD Enterprises Inc. Guaranty Bank is the lender. Lane Realty Construction LLC is the general contractor and will also lease and manage the apartments.