Southeast Capital Starts Phase 2 of $33M Block Lofts

The new phase comprises 244 apartment units with 16 two-story loft homes featuring 18-foot ceilings and renting from $905 to $1,500 per month. The 10 floor plans have living areas from 600 sf to 1,200 sf. Lathi says he is confident Block Lofts will succeed even though it is surrounded by other condo developments erected in the past few years. "Most are sold out," the developer says.

"While many of Atlanta's submarkets have suffered recently, this infill site is expected to do very well in a submarket where it is difficult to zone land for multifamily development," Lathi tells GlobeSt.com. Southeast Capital bought the land from Blue Circle Concrete Co. for $4 million or about $615,385 per acre ($14.13 per sf). WSE Builders is the general contractor on the project.

For Southeast Capital, Block Lofts @ Ponce Highlands is one of several active projects on its development plate. The developer and an affiliate of Antioch Baptist Church North are completing the first 16-acre, 292-unit phase of Northside Village Apartments on Northside Drive.

Earlier this year, Southeast Capital and partner Fletcher Bright Properties paid New York City-based Sentinel Real Estate Corp. $13 million for the 32-year-old, 180-unit, 90%-occupied Colonnades Apartments in suburban Dunwoody, GA. That property is undergoing a $5 million condo conversion. In the Jonesboro-Stockbridge multifamily market of Clayton County, Southeast Capital is completing the $17-million, 200-unit Gardens at Lake Spivey, a 230,000-sf undertaking restricted to adult tenants over 55.