NAP to Develop $35M Luxury Apartment Community on Newly Acquired Land
- Apr 06, 2012
North American Properties has recently acquired 3.7 acres in Atlanta’s Old Fourth Ward neighborhood with plans of developing its first ground-up multifamily property in Atlanta since the company shifted focus from retail to mixed-use and multifamily. North American Properties closed late last month on the parcel, which it purchased for $5,025,920.
“We acquired the best apartment site in the city of Atlanta,” said Richard Munger, vice president of development, who oversees NAP’s multifamily platform in the Southeast. “The site’s proximity to parks, the BeltLine and amenities including restaurants and shopping makes it an unparalleled location in the heart of the city.”
The $35 million, five-story apartment community will be located on the 3.7-acre property set within close proximity to the former City Hall East—currently redeveloped by Jamestown into a vibrant urban mixed-use development that will comprise about 300,000 square feet of retail and restaurant space. With groundbreaking set for late spring, the 276-unit apartment community is scheduled to start welcoming residents by fall 2013.
North American, which has developed 12,000 multifamily units across the country since it was founded in 1954, has 3,000 additional units in the pipeline in other high-growth cities including Nashville, Austin, and Dallas. But this development will mark North American’s first ground-up multifamily development in Atlanta since the company shifted its local focus from retail to mixed-use and multifamily development.
In Alpharetta, North America plans to develop 250 luxury for-rent units above retail space as part of its landmark Avalon mixed-use development at Ga. 400 and Old Milton Parkway. In Nashville, ParkCentral will be located in the heart of the Vanderbilt/West End submarket on 25th Avenue overlooking Centennial Park. The luxury rental community will feature a roof top saltwater pool overlooking Centennial Park.
Image: Mark Toro, managing partner, and Richard Munger, vice president of development, NAP. Courtesy of WNSPR