| At a time when very little is being built, this could be the next major multifamily development to break ground in Atlanta. Gables' Residential's Joe Wilber sent us the imagery of its 450-unit Class A Emory Point project, a JV with Cousins Properties, which would develop 80K SF of retail and located off of Clifton Road near Emory University. It could break ground in 2011 and would be the first new Gables project since the firm finished Gables Midtown on Monroe Drive. This will be done at a time as multifamily fundamentals continue to post strong growth, Joe tells us. With fewer than 1K new units being delivered (7K-10K new units is average for Atlanta), Joe says Gables expects the market will absorb 5K units and rents should improve another three to five basis points. In any other market, this dynamic would spur on a development spree. Not so today. ?Capital is still hard to come by, and you've got to believe in rent growth,? Joe says. He's seeing a trend of more people in their '20's returning to the rental market with parents helping co-sign on the lease agreement. ?A lot of their parents see the worst is behind us, and feel more positive about their job prospects,? he says. |
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