In all, the complex will have four six-story buildings, with the apartments to be constructed above 10,000 SF of retail space. It will also include parking facilities for 345 cars. Eighty percent of the units will be rented at market rate; the balance at lower affordable housing rates.
There will be 169 one-bedroom units averaging 800 sf and 96 two-bedroom units averaging 1,230 sf.
Bob Plumb, who heads AEW's Direct Investment Acquisition Group, tells GlobeSt.com that the market-rate units will be priced 20% below comparable Midtown properties, ranging from $1.08 to $1.40 per sf. Construction of first phase is expected to be finished by the first quarter of 2003.
. "Midtown West is comprised of an eclectic mix of residential, business, arts and industrial buildings, all located near Georgia Institute of Technology, the Coca Cola HQ and the Midtown office market," Plumb says. "This joint venture will provide affordable housing in an area where it makes sense."
Since its founding four years ago, Wood Partners has developed $700 million of apartment homes in Georgia, Florida, North Carolina, Virginia, and Texas. AEW manages $7 billion of capital, which is invested in $11 billion of real estate in North America and Europe, the company says in a prepared statement.
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