Atlanta—iStar Residential, a division of iStar Financial, has announced that it has recorded almost $16 million in sales at the Residences at Mandarin Oriental, Atlanta, a 42-story building that is a combination of hotel units and personal residences. The building is currently constructing three additional residences and the sales of those are expected to close this fall.
“The Residences at Mandarin Oriental, Atlanta are surpassing every other luxury residence property in the market in the number and velocity of sales, as well as price per square foot,” says John Kubicko, senior vice president for iStar Financial. “It’s truly unlike any other luxury residence building in the city. Both local and international buyers are expressing interest in The Residences, and are ultimately choosing to live here.”
After period of relatively flat sales activity, Dorsey Alston Realtors’ Karen Rodriguez revamped efforts with a new sales and marketing team that has propelled the sales volume to the No.1 spot for the first two quarters of 2014 for a single residential building in the Atlanta market.
“We were confident that once we implemented our strategy the project would be a success,” Rodriguez says. “My team has a proven track record and we were ecstatic to be able to come in and do what we do best, which is sell luxury high condominiums for top dollar in the shortest amount of time possible.”
The high sales numbers combined with an increased demand for residences in the building has led to The Residences taking back five floors that were originally designated for hotel use. Those additional 10 units have already been approved and are currently under construction.
The residential component of the building includes two residences per floor with units ranging in size from 3,000 square feet to 5,100 square feet. Interiors feature open floor plans with contemporary up-scale finishes designed by Harrison Design.
Amenities include a 60-foot swimming pool, a state-of-the-art fitness center and a spa center that features tranquil treatment rooms. Residents can also enjoy room service from the building’s three in-house restaurants.