By Jeffrey Steele, Contributing Writer
Dallas—Behringer Harvard Multifamily REIT I Inc. has announced that Cyan on Peachtree, a new 329-unit luxury multifamily property in Atlanta’s Buckhead submarket, is now under construction. Cyan will feature a 23-story residential tower with an adjacent seven-level, controlled-access parking facility.
An affiliate of private commercial real estate firm Atlantic Realty Partners will develop the community. Equity capital for construction was provided by the Dallas-based REIT and Monogram Residential Master Partnership I LP, a joint venture between the REIT and PGGM Private Real Estate Fund, a real estate investment vehicle for Dutch pension funds. Birmingham, Ala.-based Brasfield & Gorrie, the Southeast’s largest general contractor, will be general contractor.
“We are pleased to expand our relationship with Atlantic Realty Partners through this high-rise development centrally located in Buckhead,” says Mark T. Alfieri, president and chief operating officer at Behringer Harvard Multifamily REIT I Inc. “Beyond its amenity-rich location, we feel Cyan’s features and unit mix have been optimized to address unmet market demand for luxury apartments with superior-quality finishes offered at competitive rates.”
Almost 60 percent of the apartment homes at Cyan will be one-bedroom floor plans, but larger units with up to three bedrooms and 2-½ baths will also be available. Cyan’s apartments will average 838 square feet in size.
Among the luxury features of the residences will be nine-foot ceilings, floor-to-ceiling windows, full-size washers and dryers, quartz countertops in kitchens and baths, 42-inch hardwood cabinetry, and kitchens with islands and stainless steel appliances. The amenity package will feature resort-style pool and cabanas on a deck atop the garage, gardens and grilling areas, state-of-the-art fitness center, Peachtree Overlook terrace and a sidewalk cyber café.
Transportation conveniences are among the advantages likely to attract a high-end demographic to Cyan. Situated at 3380 Peachtree Road, the 1.94-acre development is a block away from the Buckhead MARTA station, which serves up commuter rail service to Atlanta’s major employment hubs.
Cyan’s close proximity to Georgia Highway 400 will offer commuting ease to those who travel to jobs in vehicles. And all Cyan residents are likely to enjoy their location in the heart of the Buckhead entertainment district five miles north of downtown Atlanta.
Adjacent to Cyan is the newly-unveiled Del Frisco’s Grille in the 42-story Mandarin Oriental hotel and condo tower. Across the street sits the Lenox Square Mall, the Southeast’s premier shopping destination. The center offers more than 1.5 million square feet of luxury retail space.
Cyan is slated to welcome its first residents in the second quarter of next year.