As one of the largest metro areas in the Southeast, Atlanta is in the midst of an ongoing expansion as a result of consistent in-migration from higher-priced cities, leading to high demand for new supply. In the first quarter of 2021, multifamily development maintained an above-national average pace.
According to Yardi Matrix data, some 20,400 units were under construction across 89 properties throughout the metro as of June. And year-to-date through June, developers added more than 7,200 units in 26 communities to inventory.
The table below highlights the largest developments underway in the metro, all of which are in urban submarkets. Two of the projects are expected to be completed this year, while four entries represent extensive redevelopments.
|Rank||Property Name||Units||Submarket||Owner||Anticipated completion|
|1||760 Ralph||700||Martin Luther King Historic District||New City Properties||04/2023|
|2||The Lofts at Twenty25||612||South Buckhead||Varden Capital Properties||07/2021|
|3||Herndon Square||600||Midtown West/Centennial Place||Hunt Cos.||01/2027|
|4||Vesta Bouldercrest||438||Lakewood||Middleburg Communities||11/2021|
|5||903 Peachtree||427||Midtown South||CA Ventures||11/2022|
Source: Yardi Matrix
5. 903 Peachtree
CA Ventures is working on a 33-story mixed-use tower in Atlanta’s Midtown South submarket. The development will feature 427 units, 12,000 square feet of street-level retail space and eight levels of podium parking. Solomon Cordwell Buenz serves as the architect.
The project received a $101 million construction loan at the beginning of 2020 from QuadReal Finance.