Carter Eyes Intown Apartments
We hear Carter may be sniffing around the Old Fourth Ward and West Atlanta for new multifamily projects. It's one of the many developers and investors taking advantage of this hot market, which is why we're excited to hold our Multifamily and the Mixed-Use Revolution event at the St. Regis on Sept. 18.
Even as Carter readies the leasing office for The Place on Ponce, it has up to 10 sites for potential projects, reports Carter's Conor McNalley, above. Those include the Sandy Springs city center redevelopment and sites along the Beltline, as well as O4W and Midtown West. It's too early for specifics, though, he tells us.
Carter has begun leasing for the first 28 units of its 234-unit The Place on Ponce project in Decatur (above), which will also include 10k SF of street-level retail. As you can see, Carter's pipeline is focused inside the Perimeter; that's because infill locations are attractive to Millennials and empty nesters who want walkable environments close to amenities, Conor says. (Old or young, everyone seems to have an affinity for their legs.) And the capital sources Carter is talking to are all focused on urban infill, too, he adds.
Prices for multifamily projects already built are skyrocketing, reports Cortland Partners CEO Steven DeFrancis (here with his kids Kennon and Jack), who'll be speaking at our event. “People are paying over replacement cost," he says, adding that could make sense given the market fundamentals. "However, from our perspective as a development firm, we'd rather build a deal than buy one for more than replacement cost."
That's what Cortland is doing in Savannah, with a multifamily project called Two Addison Place (above). It's 60% leased and already under contract with a buyer. Steven tells us Cortland is also in pre-development for projects in Louisiana, Dallas, Birmingham, Houston, and Tampa. The firm continues to look at value-add opps and opes to spend $1.5B this year. To hear how you can get involved in this opportunistic market (and for great networking), register for our event today.