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

ATLANTA-Newport Development’s newly opened Prescott at Park Place in suburban DeKalb County has sold 70% of its 110 condominium homes at prices ranging from $180,000 to $320,000. The sales give the developers an estimated first-week gross sales of at least $20 million, area residential brokers familiar with the Central Perimeter location of the project tell GlobeSt.com.

Atlanta developers John A. Williams, Robert F. Krause Jr. and J. Richard Stephens Sr. and Jr. are the company’s principals. Krause and Stephens Jr. formed the company in 2003. Niles Bolton Associates Inc. designed the 2.5-acre community off Ashford Dunwoody Road and Perimeter Center East, adjacent to the Park Place specialty retail center and condo development and within walking distance of the 1.48-million-sf Perimeter Mall in Fulton County. The newly completed Park Place was the team’s first venture.

A representative for the developers says “the Central Perimeter area [with 27,000 sf of class A office product] is quickly becoming an edge city–the wave of the future. Atlanta’s office market started in Downtown, then migrated to Midtown, later to Buckhead and finally to the Perimeter area.”

The representative says the Central Perimeter submarket “boasts 80,000 office workers and, in terms of office space, is bigger than Buckhead and Midtown combined.” She adds, “the Prescott will provide people who work in the Central Perimeter area a walkable commute option.” Locally based Morris & Raper Realtors is the exclusive sales and marketing agent for the development.

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