Dollar volume of sales has hit $4 million and the projected sellout value is about $7.5 million. Buyers began moving in last month. It's one of the most successful near-Downtown projects of its kind undertaken in the past few years, area multifamily industry brokers tell GlobeSt.com.
"The (metro Atlanta) market is not a no-brainer any more," Braden Fellman president Preston Snyder tells GlobeSt.com. "It's very competitive. Price point is critical--80% of our units are under $250,000."
And the buyer age group is mixed. "The majority of the bell curve is 25 to 45, with some exceptions at either end of the scale," Snyder says. "We do have some empty nesters who have sold homes in the outer suburbs and moved in. We also have some first-time buyers who are younger, as our price points start as low as the $140s."
The developer says the success of Greenwood Lofts is largely due to market research. "It's critical that you hit a specific (customer) niche," Snyder says. "Buyers want the upgrades as standard finishes (stainless and granite) and they are well educated about the market," he says. "We performed a second market study before beginning construction on the project to verify our assumptions. The combination of location, great views, small complex, finish and pricing gave us the comfort to proceed."
Greenwood Lofts isn't alone in the loft development market. "There are some very good loft products out there," Snyder tells GlobeSt.com, "but the buyers are often sacrificing location in a more established neighborhood for price savings." The developer cites the Carlton as Greenwood Lofts' "most direct competition in the neighborhood." Although the Carlton offers more traditional garden-style floor plans, the complex is almost sold out. "The remaining few units they have is not directly competitive to our product," Snyder says.
The living area in Greenwood Lofts units ranges from 613 sf to 1,500 sf-plus. The price range is $140,000 to $320,000. Coldwell Banker the Condo Store is handling sales and marketing. Virginia-Highland, developed in the 1930s and 1930s, is about two miles east of Peachtree Street and less than a five-minute drive from Downtown via the Freedom Parkway.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
