USAA, JLB Team Up on Upscale 373-Unit Atlanta Project
- Aug 22, 2011
August 22, 2011
By Barbra Murray, Contributing Editor
The luxury-apartment market in Atlanta is thriving, and USAA Real Estate Co. and JLB Partners L.P. are coming together to capitalize on the positive trend in Buckhead, one of the city’s ritziest areas. The companies have formed a joint venture and kicked off development of Buckhead Village, a premier multi-family property that will add 373 residences to a hungry apartment market.
Buckhead Village will sprout up along Pharr Rd. surrounded by upscale shopping and entertainment, a coveted office market and transportation options ranging from rail transit to the city’s leading thoroughfares. The complex will consist of a series of four- and five-story structures that will achieve the U.S. Green Building Council’s LEED certification, and parking to accommodate 583 vehicles.
By all accounts, the commencement of construction of Buckhead Village is right on time. “The demand for rental right now is truly off the charts,” Winter Baserva, team leader with Seasons Realty Group of Solid Source Realty Inc., told Commercial Property Executive. “There has been an influx of relocation business, and a lot of people want to come and get to know the area and understand it before they buy. People are making more educated buying decisions now.”
USAA appears to have its finger on the pulse of the city. “Their team exhibited great market knowledge and understanding of a complex development transaction,” Bay Miltenberger, managing partner with JLB, said of the company’s new joint-venture partner.
The USAA and JLB team is one of many development entities that are positioning to take advantage of the growing demand for luxury apartment residences in Buckhead. Among them is OliverMcMillan, which recently recommenced the halted development of The Streets of Buckhead, after having taken the mixed-use project off the hands of original developer Ben Carter Properties L.L.C. The Streets, the construction of which ceased in 2009, is now expected to yield over 370 high-end residences in 2013.
Buckhead Village is on track to reach completion in October 2012. “In my opinion, most likely, the project will do very well,” Baserva said.