(Read more on the multifamily market.)
ATLANTA-Phoenix, AZ-based Alliance Residential Co. began construction of Broadstone Glenwood, a $39 million, 236-unit apartment complex at 382 Stovall St. in the Grant Park/East Atlanta area. The project will include one- and two-bedroom apartments in three, four- and five-level "split" stick frame structures.
The project will also include a top-floor "great room" themed clubhouse with Downtown and Midtown skyline views, a pool with an outdoor kitchen, fitness club, a four-story parking garage and landscaped courtyards. The project is located one-half mile from Interstate 20 and is accessible to Downtown and Midtown areas. Preleasing is expected to begin in fall 2008 with project completion slated for June 2009.
The project is designed to complement the adjacent 28-acre Glenwood Park project, which was designed in a "new urbanist" style and will include residential, office and retail space. It also located near the Beltline, a 22-mile loop of unused railroad right-of-way that will be transformed into parks and green space.
Alliance Residential Co. regional managing director Bill Bollwerk tells GlobeSt.com that target rents for the project will be $1,000 to $2,000. "The project is close to Glenwood Park and good access to the transportation, retail and park amenities in the development," Bollwerk says.
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