"We're continuing to focus on intown markets where the most value will be created," Cassidy says. He bases his confidence in Atlanta's multifamily market which "continues to improve with modest rent growth and falling concessions."
Cassidy adds, "Demand for Atlanta intown and infill locations also has been unbelievable, and with Cheshire Bridge's access to Midtown, Buckhead and other inside-the-perimeter submarkets, we expect substantial preleasing by the project's delivery."
The units will average 821 sf of living area and have ceiling heights from nine feet to 18 feet, hardwood floors, stainless steel appliances and structured parking. The project is expected to open in June. The city of Atlanta has targeted the Buckhead-Midtown corridor for transit, streetscape and other improvements to spur redevelopment.
"Highlands set the standard in Atlanta multifamily and mixed-use infill development with The Highlands on Ponce in Midtown which was delivered in June of 2002," Cassidy says. Last year, locally based Highlands sold the development to Summit Properties for $44.8 million.
The Highland Cos. was formed in 1998 to develop, construct, manage and own luxury multifamily and mixed-use retail developments in urban centers throughout the Southeast. The company has developed 2,500 apartment units and 750,000 sf of mixed-use and traditional retail valued at $500 million.
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