ATLANTA-In a departure from its garden-style apartment complexes, locally based Trammell Crow Residential has opened Alexan Buckhead at 360 Pharr Road in the urban midst of Atlanta’s Buckhead area.

The property consists of four, six-story buildings, containing a total of 231 units, and 25,000 sf of ground-floor retail.

The first two buildings opened in March and according to a TCR spokesperson, 30 units of the estimated 116 units are leased. That’s a 26% occupancy level. Trammell Crow wouldn’t disclose occupancy numbers or construction costs.

But area construction industry estimators familiar with the affluent Buckhead submarket tell on condition of anonymity the 231 units are probably being erected at a hard cost of $100,000 per unit or a total $23 million. The other two buildings will be completed in August.

Studio apartments rent monthly for $895 a unit. Two-story, two-bedroom office/residential lofts go for $2,105 a unit.

A second, similar property, Alexan Terrace Midtown, is under development at Juniper and Ponce de Leon, adjacent to the Georgian Terrace.

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