Sky high rents are not just an ITP thing

A 1,728-square-foot apartment in Alpharetta’s Avalon project just leased for $5,070

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During a tour of Alpharetta’s mixed-used/mini-city/outdoor mall development Avalon on Tuesday, the property’s developer Mark Toro commented they had just inked a lease for a two-bedroom, 1,728-square-foot. apartment for $5,070 a month. For reference, that same rent will get you a three-bedroom, 2,000-square-foot apartment at the Atlantic Midtown in Atlantic Station, the intown version of Avalon that Toro’s company manages. And there’s nothing in that price range at the highly anticipated Flats at Ponce City Market, where rental rates top out at $3,425 for a three-bedroom.

But $5K is apparently what some are willing to pay to live in a place you never need to leave. Scheduled to open October 30, the $600 million mixed-use project at the intersection of Old Milton Parkway and Westside Parkway will have a dozen or so restaurants, high-end retail stores, a Regal movie theater, and even a concierge service so eager to please they could even presumably help you arrange a marriage proposal. Actually, you really don’t even need to leave your apartment to visit the shops (J. Crew, Lululemon, etc.) or restaurants (an outpost of Antico Pizza, a new concept from Ford Fry) but can stay inside and binge on Netflix all day; Avalon will be the first “fiberhood” in which everyone’s internet speed will be a whopping one gigabit per second.

Toro, a managing partner at North American Properties, added that around 1,600 people are on the waiting list to rent one of the 250 apartments. You can also buy a home in Avalon. Starting price? $749,000 for a two-bedroom townhome.

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Comments

  1. Greg Phillips

    July 31, 2014 at 9:56 pm

    If you’re interested in seeing how much rents differ across the Atlanta metro, check out this rent price heatmap:

    https://kwelia.com/maps/cbsa_census_tract/Atlanta-Sandy%20Springs-Marietta,%20GA