(To read more on the multifamily market, click here.)

ATLANTA-Banking on strong multifamily unit sales posted in the Buckhead and Midtown submarkets, locally based Morris J. Kaplan Communities has broken ground on the Cosmopolitan at Lindbergh, a $50-million, 258-unit, five-acre townhome-condo venture in north Atlanta. The project’s first phase is expected to be sold out by December, the developer tells GlobeSt.com.

Kaplan has posted 30 pre-construction sales about $8 million to date in the 87-unit first condo phase that will be delivered by May 2006. He anticipates the second 157-unit phase will be sold out by September 2006 and delivered by November.

Living areas at the 244 one-, two- and three-bedroom condominium homes range from 600 sf to 1,800 sf and are priced from $160,000 to $400,000. The 14 brownstones are scheduled for occupancy in January, followed by the condos in spring 2006. “Our brownstone is a detached townhome reminiscent of the brownstones of New York City with all brick fronts,” Kaplan says.

The developer undertook the Cosmopolitan project because “I don’t think the condo market is at its saturation point” in metro Atlanta, he tells GlobeSt.com. “The Buckhead and Midtown markets have shown strong sales over the last couple of years. This should continue as long as interest rates don’t change drastically and new office buildings continue to be built, or the existing inventory of office space gets reduced.” He adds, “This helps improve the employment growth which helps fuel the condo sales.”

Cosmopolitan at Lindbergh, at Lindbergh and Adina drives, is about one-quarter of a mile east of the Lindbergh Marta train station and within walking distance of the employment center of Lindbergh City Center, Centers for Disease Control and Emory University. “We targeted this area because Lindbergh is the new hot spot that is becoming very desirable for an array of buyers,” Kaplan says. “The area offers immediate access to the best of Midtown and Buckhead.”

The developer says there were no environmental or governmental challenges during the 18-month planning period of the project. Chicago-based Corus Bank is funding the construction loan. New York-based Wafra Investment Advisory Group is the mezzanine lender.

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