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ATLANTA-Locally based Pollack Partners has acquired 15 acres of land on Peachwood Circle with plans to construct a $35-million, 269-unit apartment complex. The land was acquired March 17 for $7.74 million from VS Apartments LLC and Stonewood Partners, Inc.

The project, which has not yet been named, will include one- and two-bedroom apartments in three- and four-story buildings. Amenities will include a swimming pool and clubhouse with a fitness center, business center, media room, and walking and jogging trails. Rents for the units are anticipated to average $1,100.

Demolition work on existing structures on the site is expected to begin in the spring with construction of the project anticipated in June. The first residents are expected to move into the project in spring 2009 with completion of the project in the fall.

The project is located in DeKalb County, just off the Interstate 85 exit access road between the Clairmont and Shallowford Road exits. “This is exactly the sort of project Pollack Partners looks for,” says Pollack Partners managing director Steven Shores. “It’s a great location in a prime intown area. The target market includes people who want to live close to Atlanta’s Midtown and Downtown, as well as Buckhead and the Perimeter, but want more affordable rent than those areas can offer.”

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