Atlanta-based Post Properties is hitting the Downtown Atlanta submarket with its latest multifamily project.
The firm broke ground this week on Post Centennial Park, a luxe mid-rise apartment project with 438 units just off Centennial Park. The $96M project got a 10-year partial property tax abatement, according to Post filings with the SEC, which will help give it a stabilized yield on cost of about 5.8%.
While Post will be seeking an average of $1,620/month rents, the firm states in docs that it plans to designate 10% of its units—roughly 40 of them—as workforce housing, with rents averaging $1,090/month.
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