Origin, Aspen Could Bring Micro-Units To ATL
To micro-unit or not to micro-unit. That is the question Origin Investments is attempting to answer with its Austin-based development partner eyeing an Atlanta debut.
We sat down with Origin Investments' Dave Welk and Tom Briney last week since the duo is helping Aspen Heights land some land in the city for the partnership's first area apartment project, which could include Atlanta's first micro-unit apartment development.
“We're picking our spots very carefully and exploring the viability of micro-units in various markets throughout the country,” David says, adding that the partnership wants to avoid commodity locations.
Whether Aspen develops a pure micro-unit project, or a mix of micro and normal-sized remains to be seen, but David says Origin and Aspen will be focused on the luxury rental market.
We previously reported here that Aspen was attempting to tie up a parcel in either Midtown or Buckhead, and planned ultimately on two projects in Metro Atlanta. Most recently, Aspen announced plans for the tallest building west of the Mississippi, The Independent (here), a 58-story apartment tower in Austin.
Atlanta has become a priority for Origin's investment team. Already Origin is a JV partner with Cocke Finkelstein in The Olmstead, a 283-unit mixed-use apartment project springing up along the MARTA line in Chamblee. And earlier this year, Origin purchased 3328 Peachtree Rd, the 33,400 SF office block in the heart of Buckhead that was the former home of Georgian Bank.
Tom says Origin is shopping for more office in Atlanta, as well, with deal sizes between $20M and $30M, in areas with strong job growth. “I look for non-commodity office,” Tom says. “So when there is a downturn, you have a fighting chance to stay above the market share.”