Top 5 Multifamily Projects Under Construction in Atlanta
- Jul 05, 2021
As one of the largest metro areas in the Southeast, Atlanta is in the midst of an ongoing expansion as a result of consistent in-migration from higher-priced cities, leading to high demand for new supply. In the first quarter of 2021, multifamily development maintained an above-national average pace.
According to Yardi Matrix data, some 20,400 units were under construction across 89 properties throughout the metro as of June. And year-to-date through June, developers added more than 7,200 units in 26 communities to inventory.
The table below highlights the largest developments underway in the metro, all of which are in urban submarkets. Two of the projects are expected to be completed this year, while four entries represent extensive redevelopments.
|Rank||Property Name||Units||Submarket||Owner||Anticipated completion|
|1||760 Ralph||700||Martin Luther King Historic District||New City Properties||04/2023|
|2||The Lofts at Twenty25||612||South Buckhead||Varden Capital Properties||07/2021|
|3||Herndon Square||600||Midtown West/Centennial Place||Hunt Cos.||01/2027|
|4||Vesta Bouldercrest||438||Lakewood||Middleburg Communities||11/2021|
|5||903 Peachtree||427||Midtown South||CA Ventures||11/2022|
Source: Yardi Matrix
5. 903 Peachtree
CA Ventures is working on a 33-story mixed-use tower in Atlanta’s Midtown South submarket. The development will feature 427 units, 12,000 square feet of street-level retail space and eight levels of podium parking. Solomon Cordwell Buenz serves as the architect.
The project received a $101 million construction loan at the beginning of 2020 from QuadReal Finance. The development is expected to be delivered in the last quarter of 2022.
Taking shape at the corner of Peachtree and Eighth streets, the project is less than half a mile from Georgia Institute of Technology and within walking distance of numerous retail and dining choices, as well as public transit options.
4. Vesta Bouldercrest
In May 2019, Middleburg Communities acquired a 956-unit portfolio in Atlanta for $91 million, with plans for substantial renovations. The portfolio included the 438-unit Park at Bouldercrest, which was vacant at the time of purchase and later rebranded as Vesta Bouldercrest.
Middleburg Communities secured $30.3 million in construction financing for Vesta Bouldercrest from KeyBank in 2019. The revamp is expected to be completed in the fourth quarter of 2021.
Vesta Bouldercrest features one- and two-bedroom apartments and common-area amenities such as a sports court, green spaces and residential social activities. Located at 26 Bouldercrest Lane SE, the property is less than a mile from Interstate 285 and roughly 9 miles from downtown Atlanta.
3. Herndon Square
Hunt Cos. and Oakwood Development Group are working on Herndon Square, a mixed-use redevelopment on the former Herndon Homes public-housing community site. The project is expected to be completed in five phases.
Groundbreaking took place in early 2020, with Phase I delivered this year. The building features 97 affordable units for seniors 62 and older who earn up to 60 percent of the area median income.
Situated on 12.3 acres at Cameron Madison Alexander Boulevard and Northside Drive, the roughly $166 million development will deliver much-needed affordable housing. With full buildout anticipated by 2027, Phases II through IV will each include 200 units, and Phase V will comprise 32 for-sale townhomes, with 45 percent of the units projected to be affordable for households earning up to 80 percent of AMI.
2. The Lofts at Twenty25
In 2017, Varden Capital Properties paid $30 million for Darlington Apartments, a more than 70-year-old landmark in Atlanta’s Buckhead submarket, located at 2025 Peachtree Road NE. The new owner initially intended to convert the rental units to a combination of luxury and affordable condos, however, that plan didn’t materialize.
The $40 million makeover will transform the 14-story building’s apartments—originally completed in 1949—into a total of 612, one-bedroom units, of which 200 are designated as affordable. Berkshire Group provided a $68.5 million construction loan in March 2020.
The community will feature luxury amenities such as a pool, a roof deck with a bar, a lounge, relaxation areas and space with ambling trails once completed in July. The site is adjacent to Piedmont Hospital and less than 5 miles from Downtown Atlanta.
1. 760 Ralph
The largest multifamily project under construction as of June is part of 760 Ralph McGill, a $1 billion mixed-use redevelopment taking shape on the site of a former Georgia Power property. New City Properties acquired the 12-acre site—known as the largest workable parcel of Beltline-adjacent land left—for $34 million in 2017.
The development, situated between the Eastside Trail and Historic Fourth Ward Park, will include three interlinked parcels with a connected underground parking structure. Upon full buildout, the residential component will eventually encompass some 1,100 units. The project will also feature 1 million square feet of offices and 200,000 square feet of retail space, as well as a 75-key boutique hotel.
In early June, New City and partner Lamb Properties secured $97.8 million in construction financing, according to Fulton County records. The loan will fund the development of an 18-story apartment tower known as 4th Ward Residences. The 359-unit building is slated for delivery in 2023.
Yardi Matrix covers all multifamily properties of 50-plus units in size across 133 markets in the United States. This ranking reflects developments underway within that sample group.