DUNWOODY, GA-Locally based Pollack Partners has acquired 10 acres in the Central Perimeter area with plans to construct a $59-million, 400-unit apartment complex. The development, which will consist of two four-story buildings, will be located just outside Interstate 285 near Chamblee-Dunwoody Road.

The project will be developed in partnership with Lawrenceville, GA-based land developer BHC Property Group. "Given the employment trends and the demand for new, quality rental housing, we believe this project in this location provides an excellent opportunity for our firm and our investors," Pollack Partners chairman and CEO Marc Pollack says.

Pollack tells GlobeSt.com that there is an existing 30-year-old apartment building on the site which will be demolished to make room for the new project. Construction will begin this spring with completion anticipated for 2008.

Pollack says the location is among reasons the company is pursuing the project. "The Central Perimeter area has the largest office market in Atlanta," he says. "Our development site is right on the edge of that area."

The project is one of two under development by Pollack Partners, a company that was formed in late 2006. The company is also developing a $98-million mixed-use project on Collier Road and Interstate 75 in the city's Westside neighborhood. Conceptual plans for the project include 55,000 sf of live/work space and 650 residential units that will be for rent and sale.