How is one of Atlanta's priciest apartments leasing up? Very well, thank you very much.
The co-owner of Cyan on Peachtree—Buckhead's newest luxury apartment tower that has risen on the site once home to Dante's Down the Hatch—has given us a glimpse on leasing velocity at the 329-unit property, where rents top $5k/month for a three-bedroom penthouse. According to filings with the SEC by Texas-based Monogram Residential Trust (which owns 55% of Cyan), as of June 30, 25% of Cyan is physically occupied, or 82 units. Leasing stats were not revealed.
Cyan—which had a ribbon-cutting celebration in June with Monogram SVP James McGinley, Buckhead Coalition president Sam Massell and Cyan co-owner Atlantic Realty Partners CEO Richard Aaronson—opened for leasing in May, which means this stat shows Cyan leasing an average of 40 units a month. According to Haddow & Co's Q1 multifamily report, the average Intown apartment leases some 19.3 units a month. That means, yes, the Cyan—where rents are topping $3/SF—is leasing twice as fast as the average new apartment complex.
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