Sales Pick Up Steam at Residences at Mandarin Oriental, Atlanta

ATLANTA—Sales at the luxury property The Residences at Mandarin Oriental, Atlanta have reached nearly $16 million for the first six months of this year.

iStar Residential says that after a period of slow sales activity, demand and sales have picked up substantially at the property. The firm, a division of iStar Financial Inc., says that three additional residences at the tower building are now under construction and sales will close this fall on those units.

“The Residences at Mandarin Oriental, Atlanta are surpassing every other luxury residence property in the market in the number and velocity of sales, as well as price per square foot,” says John Kubicko, senior vice president for iStar Financial. “It's truly unlike any other luxury residence building in the city. Both local and international buyers are expressing interest in The Residences, and are ultimately choosing to live here.”

IStar officials credit the new sales and marketing team led by Karen Rodriguez, associate broker for Dorsey Alston Realtors. Armed with fresh ideas, new messaging and a new direction for the project, Rodriguez and her team have transformed The Residences into one of the most sought-after luxury residence buildings in the city, company officials say.

“We were confident that once we implemented our strategy the project would be a success,” says Rodriguez, who successfully sold out the $100-million Ritz-Carlton Residences project before joining The Residences at Mandarin Oriental, Atlanta. “My team has a proven track record and we were ecstatic to be able to come in and do what we do best, which is sell luxury high condominiums for top dollar in the shortest amount of time possible.”

The sales figures and renewed interest have also led to The Residences taking back five floors that were intended for hotel use. Plans have been approved and construction is already underway for the 10 additional residences. Each floor features a maximum of two residences that range from 3,000 square feet to 5,100 square feet for a full floor.