“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.”
The project, which has not yet been named, will be built on Peachwood Circle, just off the I-85 access road between the Clairmont and Shallowford Rd. exits. The project will include 269 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 and media room. Plans include walking and jogging trails which will allow residents to enjoy a nearby wooded area and creek. Initial projections anticipate an average monthly rent of $1,100.
The firm expects to begin demolishing the existing structures this spring with construction beginning in June. The first residents could move into their new residences in spring of 2009 with full completion the following fall.
Pollack Partners acquired the land for $7.74 million from VS Apartments, LLC and Stonewood Partners, Inc. The deal closed March 17.
Pollack Partners focuses on the development, acquisition, finance and investment of high quality, community-enhancing multifamily residential and mixed-use projects.
Media contact for Pollack Partners: Terri Thornton 404-932-4347 Territhornton@mindspring.com
