Luxury apartments break $2 per square foot - Atlanta Business Chronicle, June 27-July 3, 2008.
With the Spring 2009 opening of 05 Buckhead at Peachtree and Piedmont roads, Atlanta is ushering in the luxury apartment market. This Coro Realty Advisors 20 story, 155 unit high rise will be the first to demand rents of $2 per square foot, with an average unit size of 1,300 square feet. Wood Partners is not far behind, constructing The Residences at Streets of Buckhead, a two tower, 21 story development which will have rents above $2 per square foot. Tivoli Properties Inc. and The Hanover Co. both have proposed luxury apartment high rises in the works as well. These new high rises and rental rates are the result of luxury apartment to condominium conversion during the peak of the condo boom. Existing luxury condominiums typically keep the rentals to 20 to 25 percent of the building and those few renters are willing to pay top dollar. Those in a position to purchase a new luxury condominium in this slow housing market are buying with the intention of renting…at a rate around $2 per square foot. Waiting lists to rent one of these luxury condominiums ensure that Atlanta has a substantial demand for luxury rental housing.
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