Source: Martin Sinderman, Atlanta Business Chronicle
An apartment project that took 10 years to bring to life has met with perfect timing for its market — downtown Atlanta, which has lagged other areas of the city when it comes to new rental residential projects.
The $96 million Post Centennial Park, a major midrise upscale apartment project that represents the first significant development of new apartment units in the city’s central business district in at least 10 years, is the Residential Deal of the Year winner in Atlanta Business Chronicle’s Best in Atlanta Real Estate awards.
Post Centennial Park is located in the heart of downtown on a site adjacent to Centennial Olympic Park, the Georgia Aquarium, and The World of Coca Cola. Ground was broken on the complex in early 2016 by Atlanta-based Post Properties Inc., which bought the land in 2006.
At the end of 2016, Post, with a 24,138-unit portfolio — including Post Centennial — merged with Mid-America Apartment Communities Inc. (NYSE: MAA), a Memphis, Tenn.-based, publicly traded real estate investment trust that focuses primarily on multifamily homes throughout the South.
As of the end of 2017, MAA owned or had ownership interest in 100,489 apartment homes nationwide. Including Post Centennial, the company owns and operates 30 communities totaling more than 11,400 units in metro Atlanta.
Following the Post Properties deal, MAA continued with the development of Post Centennial. It totals 438 units, comprised of studio, one-, two- and three-bedroom units ranging in size from 478 square feet to 1,510 square feet.
The apartment market fundamentals in downtown Atlanta are “very healthy,” due to the area having the fewest new apartment deliveries during the current development cycle of any intown submarket, as of third quarter 2017, according to Chris Hall, senior vice president at the Haddow & Co. consulting firm. “Post Centennial Park will add much-needed rooftops downtown, contributing to the area’s growing momentum.”
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