ATLANTA-Locally based Coro Realty Advisors LLC has begun selling and leasing efforts on its new mixed-use multifamily project located at 15 Habersham Road in the Buckhead community. Tremont is a $30 million project that contains 44 condos for sale, 34 units to rent, along with 11,166 square feet of office and 3,118 square feet of retail. The project is coming onto the market at a time when local brokers says there is already a 48-month oversupply of condo units in the Atlanta region, but developers promise they have a long-term plan for the development.

“They obviously have a desirable location between Piedmont and Roswell Roads,” says Elliott Hollander, director of the national multihousing group with Marcus & Millichap. “No one would dispute there is an overabundance of condos in Atlanta, but those that have premiere locations are still selling, however at prices that are substantially deflated from what developers originally expected to receive. It is smart to have a for-lease program as a contingency plan in the event you’re unable to get substantial pre sales,” says the broker, who is not at all connected with Tremont.

The units at Coro Realty’s project start in the mid $200,000′s, while the rental units rates start at $1,200 per month. Amenities include a fitness facility, club room, and outdoor swimming pool and grill area. Hollander notes that development companies delivering in this financial atmosphere should not expect to sell or lease up a project in a short period of time. Patti Pearlberg, Coro Realty’s VP and asset manager, tells that they have prepared for and projected a two and a half year process for Tremont. “It’s a luxury project, so we expect it to be a slow process,” she reveals.

Also keeping the current economic environment in mind, Coro Realty has made the retail and office space at the building available for lease, lease with an opportunity to buy or for purchase. Tenant Flagstar Bank has already leased half of the office space, and will open a drive-through window within the underground parking garage, says Pearlberg.

Coro Realty has also just begun leasing a rental building a mile down the street from Tremont—the 155-unit 05 Buckhead at 3242 Peachtree Road. Luxury amenities at that project include 24-hour concierge, clubroom, exercise room, rooftop pool, outdoor terrace and rooftop theater. Units feature rental rates starting at $1,200 per month. A 9,155-square-foot commercial space has already been leased by Fidelity Investment Group.

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