Former Atlanta Condo Building Begins Life as a Rental Property
- Jun 06, 2012
Atlanta—Once upon a time, condo conversion meant taking a rental property and selling off the units piecemeal. More recently, conversion has gone the other way: condos that never sold because of the recession are becoming rental units.
The Atlantic in Atlanta’s Midtown district is one such case, and it reports a quick pace of leasing among the 324 units that never sold as condos (all together, the building has 401 units). Since opening its doors in March as a rental building, the Atlantic has leased more than a third of its units, including half of the penthouse suites. Price start at $1,650 a month.
Midtown Residences LLC, a single-purpose entity licensed to use the Crescent Heights name, acquired the property for the purpose of renting out the unsold units. The Atlantic offers a choice of six floor plans with over 50 options. The units range in size from a one-bedroom, 1,240 square foot residence to a three-bedroom residence with over 2,100 square feet of living space.
“After actively participating in the for-sale market in the early 2000s, we anticipated this explosion in the rental market and now own over 1,000 rental units in the Atlanta area,” Tomer Bitton, principal with the Crescent Heights group of companies, tells MHN. “We expect this trend to continue into the near future.”
The property also includes a total of 12 penthouse suites, six of which have already been leased. The largest ones have over 3,100 square feet spread over two stories with multiple balconies, as well as a kitchen that opens to a living room and dining room.
As befitting a former condo development, the Atlantic features resort-style amenities, according to the new owners. These include a fitness facility; a rooftop sundeck with pool and spa; a clubroom with flat-screen TVs; private screening room for movies and sporting events; and a business center with iMac computer kiosks. The building’s design is a modern interpretation of art deco.