Thousands of apartments have sprouted up across Atlanta in shimmering towers and mixed-use hubs since the recession. The city’s fresh supply of condos, meanwhile, slowed to a relative trickle, tamped down by lender apprehension, millennial preferences to rent, and other factors. But it seems that’s slowly beginning to change.
“As people move from their 20s to 30s, their desire to own versus rent goes up drastically,” says Scott Zimmerman, Capital City Real Estate founding principal. “And we’re seeing a huge surge of older people downsizing and wanting to be in these urban, walkable neighborhoods.”
Hot condos coming soon
Old Fourth Ward
Juniper and 5th
From high $200s
Zimmerman’s company, which has offices in Atlanta and Washington, D.C., specializes in boutique condos and mixed-use projects. For his first venture beyond the Capital Beltway, he had a clear target: the Atlanta BeltLine.
In July, Capital City broke ground on Airline O4W, a 29-condo complex claiming a vacant lot near the Eastside Trail, with prices from the high $300,000s to around $700,000. Zimmerman says projects like his are becoming more prevalent as rents escalate and townhomes can demand $1 million or more.
In Midtown, a handful of condo buildings are in the works, including Juniper and 5th by a U.S. subsidiary of Chinese developer Dezhu. Expect 150 flats in the half-million-dollar range in a unique, stair-stepped building with upscale pool environs.
Meanwhile, in Cabbagetown, a more affordable option with one-bedroom condos from the high $200,000s had nearly sold out prior to vertical construction in June. Marketed as “the city home of your dreams,” some units at 764 Memorial will encompass little more than 800 square feet. Some will have skyline views.
Zimmerman’s Airline project (named for its street) is expected to finish next summer, with a rooftop hangout and stations for washing dogs and repairing bicycles—but no lavish pools or gyms.
“In a boutique building, really the amenities are the neighborhood,” Zimmerman says. “People want to establish themselves there, stay longer term, and they want to buy.”
This article appears in our Fall 2018 issue of Atlanta Magazine’s HOME.