Alliance to Build Class AA Communities Throughout Atlanta
- Feb 24, 2015
As the first delivery of what will total more than $300 million in multi-family development in the Southeast, Alliance Residential Co. has opened The Haynes House in Atlanta’s Buckhead neighborhood, the developer announced Monday.
The 186-unit, eight-story luxury apartment community is on Peachtree Road across from Peachtree Battle Shopping Center. Alliance acquired the property in May 2013, after working through what reportedly was “a myriad of challenges with the neighborhood and zoning officials.”
Units at The Haynes House range from studios to two-bedroom apartments (from 652 to 1,349 square feet) and feature nine-foot ceilings, granite countertops and Energy Star stainless-steel appliances. The community’s amenities include a resort-style pool with pool house and guest suite, an outdoor kitchen, a fitness club, a dog spa and dog run, and electric-vehicle charging stations.
The Haynes House “sets the tone for what we will be doing across the South: well-located best-in-class communities in key Southeastern cities,” Alliance managing director Todd Oglesby said in a release.
Part of that approach is top-end amenities and finishes, Oglesby told Commercial Property Executive. “At Haynes House, for example, our kitchens have painted cabinets, counter-depth refrigerators, USB ports and hardwood flooring. The kitchen finishes are well above the market and are in line with what you would see in a new home in an intown Atlanta neighborhood.”
Alliance’s Atlanta office has a total of six projects in the pipeline. In addition to The Haynes House, they comprise Broadstone Court on Maple Drive in Buckhead’s business district, which will open this summer; Broadstone Folly Beach in Charleston, S.C., and Broadstone Germantown in Nashville, both of which are under construction; and two more projects in Atlanta, one on Juniper Street in Midtown and on Roswell Road in Sandy Springs.
Alliance has also been busy in Florida. About two weeks ago, the South Florida Business Journal reported that an Alliance affiliate had received $75 million in funding from JPMorgan Chase Bank for The Broadstone at Brickell, a 372-unit, 24-story apartment tower in Miami.
Though apartment construction in metro Atlanta is booming, broad-based employment gains will be more than adequate to continue pulling the overall vacancy rate down, according to a 2015 market forecast by Marcus & Millichap.
Payrolls are projected to expand by 2.7 percent this year, more than enough to balance out the completion of about 7,250 apartment units. As average multi-family vacancy slips 20 bp to 6 percent, operators should be able to hike rents about 7.6 percent on average, according to Marcus & Millichap.