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Buckhead's next luxury apartment project is moving forward.
Lennar Multifamily Communities, a subsidiary of Lennar, broke ground this week on the Gentry, a 21-story, 290-unit apartment complex in Buckhead Village at the site of the former Rio Bravo Fresh Mex on Roswell Road. The project is set to include 6K SF of retail, and move-ins are expected to begin in the middle of 2020.
“With the vast shopping and dining options within walking distance, this will be a place where residents can ditch their cars for the weekend and relax within the neighborhood,” LMC Division President Chris Cassidy said in a statement.
It was unclear what LMC will be seeking for rents, but the new, high-end apartments in Atlanta's hottest neighborhoods, Buckhead and Midtown, have been commanding some of the highest rents in the city.
Buckhead has a significant amount of new supply coming online in the next year. According to a recent Haddow & Co. report, more than 2,600 new units were under construction in Buckhead, surpassed only by Atlanta East, which had nearly 4,000 units underway.
While rents are nearing $2/SF in Buckhead, Haddow's report noted that rents in existing high-rise apartments are declining and concessions to lure new renters are on the rise because of all the competition.
“The next 12 months will represent the high-water mark for intown deliveries, as 8,064 units are slated to hit the market,” Haddow's report states.
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