Breaking: Texas Developer Entering ATL Market With High-Rise Apartments
Austin-based Aspen Heights Partners has put a mystery parcel somewhere in either Buckhead or Midtown under contract for a planned 250-unit high-rise multifamily project. We chatted with Aspen EVP Kevin Wisdom to get some of the details.
Kevin won't disclose the specific location yet, but the pure play apartment project is projected to be one of two in the intown Metro area. “I think we'll consider two in Atlanta at this point in time,” Kevin says. While design on the Atlanta project was not released, the firm recently announced plans for a 58-story high-rise in Austin—the tallest building west of the Mississippi River—called The Independent (here).
Aspen Heights is better known for its student housing projects, including this one in Statesboro near the Georgia Southern campus. But after raising more than $1B in capital, the firm is marching into mainline multifamily and condominium development outside of Texas, including in Denver, Raleigh, Nashville, Salt Lake City and Orlando. Like most other apartment developers, it's chasing demand from Baby Boomers downsizing and urbanizing, as well as the coveted Millennials. But with 11,000 units underway inside the Perimeter, and another 11,500 units planned (according to a recent Haddow & Co survey), Aspen is entering a very crowded competition for renters. “We feel like there's still some runway left in Atlanta,” Kevin says.