LMC Launches Leasing at Luxury Atlanta Tower
- Apr 05, 2019
Multifamily developer and operator LMC has kicked off preleasing at Vireo, a 310-unit luxury high-rise community in Atlanta’s midtown district. First move-ins to the 26-story tower are expected for later this month.
Vireo, which is LMC’s first property to open in Atlanta, broke ground in September 2017 and was topped out last November. Located at 195 13th St. N.E., the property offers upscale apartments ranging from studios to two-bedroom units. Interiors feature floor-to-ceiling windows, quartz countertops, and—in select units—wine refrigerators.
The development comes with ground-level terrace porches, rooftop amenities, a swimming pool, community lounge, and fitness center. As part of the project, the sidewalks along the building were widened to enhance the neighborhood’s walkability.
Vireo is a short walk from both Peachtree Street, a prime retail and entertainment hub, and the popular Piedmont Park. The midtown area is home to a plethora of shopping, dining, entertainment and cultural options, and serves as the city’s second-largest business district.
Average multifamily rents in Atlanta jumped 5.9 percent year-over-year as of January, according to Yardi Matrix data. The Midtown submarket commands the highest average rent at $2,005.
Growing southern portfolio
LMC was named as the country’s seventh largest multifamily housing developer in 2017 by the National Multifamily Housing Council. The company started construction of The Ellis, a 549-unit luxury community in Charlotte, N.C. last month.
Vireo was built by Hoar Construction, which is also working on LMC’s Gentry, a luxury mixed-use apartment project in Atlanta’s Buckhead Village. The partners also collaborated on The Morris, a 344-unit luxury community in Nashville that opened in 2017.