ATLANTA, GA (April 4, 2012) – North American Properties, a privately held, multi-regional real estate company that develops and manages multifamily, retail and mixed-used properties across the country, has closed on land in Atlanta’s Old Fourth Ward neighborhood for its first luxury apartment community in the city.
North American acquired 3.7 acres, property that is bound by Glen Iris Drive on the west, Dallas Street on the north, Rankin Street on the south and Historic Fourth Ward Park on the east.
NAP will develop a mid-rise apartment community with 276 units on the park’s “oceanfront,” steps away from the Atlanta BeltLine’s Eastside Trail. North American Properties closed late last month on the land, which it acquired for $5,025,920.
Construction is expected to commence by late spring on the $35 million five-story apartment community. North American expects the first residents to take occupancy of their units in fall 2013.
The development will mark North American’s first ground-up multifamily development in Atlanta since the company shifted its focus from retail to mixed-use and multifamily development. North American, which has developed 12,000 multifamily units across the country since it was founded in 1954, has 3,000 additional units in the pipeline in otherhigh-growth cities including Nashville, Tenn.; Austin; and Dallas.
“As the country’s demographics shift, it’s clear Generation Y prefers to rent their homes, and they want their apartments to be in walkable surroundings in urban settings,” said Mark Toro (top right photo), managing partner of North American Properties. “The Old Fourth Ward is undergoing an incredible transition, and our target customers want to live in this exciting neighborhood.”
NAP’s site is a short walk from the former City Hall East, which Jamestown is redeveloping into Ponce City Market (middle right rendering). Ponce City Market will be a vibrant urban mixed-use development that will comprise about 300,000 squarefeet of retail and restaurant space just blocks away from North American’s site.
Midtown Place, just across Ponce de Leon Avenue from Ponce City Market, is anchored by Whole Foods, Home Depot and PetSmart.
“We acquired the best apartment site in the city of Atlanta,” said Richard Munger (top left photo), vice president of development who oversees NAP’s multifamily platform in the Southeast. “The site’s proximity to parks, the BeltLine and amenities including restaurants and shopping makes it an unparalleled location in the heart of the city.”
North American Properties’ Southeast development program has three multifamily projects underway at “AA” sites in walkable areas surrounded by the amenities Gen Y seeks.
In Alpharetta, North America plans to develop 250 luxury for-rent units above retail space as part of its landmark Avalonmixed-use development at Ga. 400 and Old Milton Parkway. In Nashville, ParkCentral will be located in the heart of the Vanderbilt / West End submarket on 25th Avenue overlooking Centennial Park. The luxury rental community will feature a roof top saltwater pool overlooking Centennial Park.
Contact:
Elizabeth Hagin
WNSPR
O: 404-965-5023
C: 678-642-4301
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