North American Properties Begins Construction on a $35M Multifamily Development
- Oct 16, 2012
Atlanta—North American Properties has begun construction on BOHO, a 260-unit luxury multifamily residential project in Atlanta’s Historic Fourth Ward, which illustrates the company’s focus on building communities in walkable, urban neighborhoods.
“BOHO has the unique pleasure of being at the front steps of the newly completed Historic Fourth Ward Park and adjacent to Atlanta’s Beltline Eastside Trail,” Richard Munger, North American Properties’ partner and vice president of development, tells MHN. “The Old Fourth Ward neighborhood has shown strong rental and occupancy growth over the last few years responding to the influx of new restaurants and entertainment options complimenting the spectacular recreational uses available in the Historic Fourth Ward Park.”
Additionally, BOHO’s residents will have a short walk to the Ponce de Leon Whole Foods and the two million-square-foot mixed-use redevelopment transformation of City Hall East into Ponce City Market. BOHO has a Walk Score of 82, a number that measures the walkability of an address.
“NAP is focusing its efforts to create communities in walkable, urban neighborhoods with a ‘cool factor’ within walking distance of good restaurants, parks, coffee shops and other amenities,” Munger says. “On a macro level, the metro Atlanta area grew by leaps and bounds in the latter part of the 20th century, but the city of Atlanta was stuck in a steady decline. That trend has reversed itself as the population of Generation Y residents in Atlanta has grown every year for the last decade, and they are seeking more walkable urban communities.”
Units inside the $35 million project will contain granite and solid surface countertop, designer cabinets, laminated wood plank flooring, oversized walk-in closets, large windows maximizing light and views, tile backsplashes and upgraded appliances.
Community-wide amenities include a resort-style saltwater swimming pool overlooking Historic Fourth Ward Park, a state-of-the-art fitness canter and yoga room, a cyber café, outdoor grilling and dining area, a pet grooming station, art studio and covered parking.
“We are seeing a shift in our industry focusing more attention towards the needs of Gen Y. No longer content to live the lifestyle of their parents, with a half-acre lot, 2.5 kids and two SUVs, Gen Y seeks interaction beyond the four walls of a suburban home,” Munger says. “They seek activity and crave diversity of experience. In a word, they are attracted to energy. Energy created by putting feet on the street, residents walking to and from their homes in communities with a rich retail, restaurant, cultural and recreational offering.”
Other examples of NAP’s “walkable” multifamily strategy include the construction of ParkCentral, an eight-story, 200-unit luxury rental community located in Nashville, Tenn., directly across the street from the 132-acre Centennial Park and within walking distance of the amenities in Nashville’s West End; and Avalon, a four-story, 250-unit luxury rental community located in Alpharetta, Ga., which is slated to open in 2014.