Greystar, Banyan Street Advance on $125M Atlanta Project
- Apr 24, 2019
Greystar and Banyan Street Capital have closed on construction financing and acquired air rights for Ascent Peachtree, a $125 million multifamily project that will deliver 345 units in downtown Atlanta. The 29-story project is scheduled to break ground in May.
Sitting atop an existing parking garage at 161 Peachtree Center Ave., the project will offer 70 workforce units ranging from studios to three-bedroom apartments with sizes varying between 680 to 2,380 square feet. All units are destined for residents earning 80 percent of the area median income or less. The lowest-floor units will start on level 11.
Community amenities will include a swimming pool, rooftop lounge and outdoor entertainment space. The project is designed to be highly transit-oriented, with easy access to the Metropolitan Atlanta Rapid Transit Authority (MARTA) system, an Atlanta Streetcar stop and direct frontage on a bike lane. The community will also have walkable access to more than 50 restaurants within the Peachtree Center mixed-use development and other dining and retail offerings along the Peachtree Street corridor.
Affordable abodes in downtown Atlanta
Invest Atlanta, the city’s official economic development authority, approved a $9 million loan from the Eastside Tax Allocation District for the development in 2017. The financing ensures the creation of the 70 affordable housing units, which represent the first new workforce housing stock in the downtown in 15 years.
“161 Peachtree Center Avenue’s innovative adaptation of an existing parking structure adds density within the city’s Downtown core and provides affordable housing near job centers, amenities and transit nodes,” commented Eloisa Klementich, Invest Atlanta’s president and CEO in prepared remarks. “This transformative project is expected to create more than 150 new jobs and make a $165 million economic impact on the city.”
More than 19,000 apartments are under construction in Atlanta, where population growth and a successful economy are buoying demand for housing, according to the latest market report by Yardi Matrix. Multifamily rents increased 5.4 percent year-over-year through November to $1,255.