Atlanta's deluge of deluxe apartments
Developer Jarel Portman: "Multifamily is not generally this sexy"
Across Atlanta, large apartment projects are sprouting like residential chanterelles, which builders hope signals a postrecession paradigm shift—even a renaissance—in the city’s core neighborhoods. Roughly 10,000 apartments have been announced or started in the last two years. The demand for these condo-quality rental units can be attributed to intown job growth, restrictions on mortgage lending, and growing displeasure with long commutes. “Multifamily is not generally this sexy,” said Jarel Portman, founder of JPX Works, which is partnering with South City Partners and ELV Associates to build an Inman Park project. “This city is growing up, in a very interesting and dynamic way.” Even if the Braves don’t think so.
This article originally appeared in the January 2014 issue with the headline "Deluxe and Sky-High."