Alliance Residentialhas plans for not just one but two high-end Buckhead apartments. (It's having twins!)

Phoenix-based multifamily developerAlliance Residential has closed on two parcels in Atlanta that will be transformed into more than 400 units of luxury rentals. Perhaps the biggest catch is that the site--off Peachtree Battle Avenue and Peachtree Street next to Regents Park--is the exclusive townhome community developed by Carter and Colonial Properties during the condo boom (the partnership eventually sold it under distress to Resource Real Estate Partners in 2009). Construction on the 186-unit complex will begin immediately, saysAlliances Bob Weston.

The second site is off Maple Drive in Buckhead Village, where two small office buildings and a restaurant are currently housed. (If you move in and find a stapler in your wall, you'll know why.) Here, Bob says Alliance will develop a 250-unit complex, startinglater this year. Alliance is working with a marketing firm to determine the eventual names of the projects "appropriate for the unique neighborhoods," Bob says. But for now, they're operating under the names Broadstone Maple and Broadstone Peachtree. The company will be seeking rents between $1.60 to $1.80/SF--on the upper end of Intown Atlanta rents, but still lower than many of the new skyscraper apartments under way.