Greystar Managing Director John Roberson joins the Atlanta Real Estate Forum Radio podcast to discuss Ascent Peachtree, downtown Atlanta’s newest unique development. Roberson joins hosts Carol Morgan and Todd Schnick for the All About Real Estate segment.
A global multifamily rental housing firm, Greystar focuses on rental housing, from first-time apartments to active-adult communities and anywhere in between. The company controls its own assets and specializes in property management for existing owners. Roberson primarily focuses on the development and construction side of things and is specifically responsible for locking in opportunities from the ground up on vertical constructions in the metro Atlanta area.
Ascent Peachtree is an unforeseen development within the Atlanta area and is also an idea rarely seen across the country. While most projects start by placing the foundation in the earth, Ascent Peachtree begins 100 feet in the air. The existing structure is a nine-and-a-half-story parking deck built in 2001 by Cousins Properties, owners of several million square feet of space across the city and formerly the Peachtree Center.
Originally set to house an office building atop the parking deck, the 9/11 attacks stalled construction, causing the project to remain grounded. The structure sat as a parking deck for 20 years until Greystar purchased the property in 2018 to create a new residential complex out of thin air! In April 2019, the company “broke ground” on the unique project.
“It is one of the most complicated projects I have ever worked on,” Roberson said. “Not only from a construction and design standpoint but from a financing standpoint too.”
Greystar worked with two separate equity partners and two lenders including Invest Atlanta to provide 70 units of workforce housing to the main population as well as dwellings for every single cohort in metro Atlanta.
According to Roberson, the biggest challenge was meshing and conforming the Greystar vision cohesively with the original design of the parking deck. Another obstacle was the lack of control over where to place the front door of the lobby, but luckily, the welcome area faces Peachtree Avenue, now cattycorner to the new hub at the Peachtree Center.
Due to rapid changes in design and building regulations over the last 20 years, the Greystar team strategized to ensure visitors have a positive first impression of Ascent Peachtree. On the 12th level, the builder began with a clean slate, constructing units that each feature an unobstructed view of downtown Atlanta. The elevation offers residents a quiet space above the bustling metro area that rapidly transformed from a nine-to-five city to an 18- to 24-hour entertainment hub.
There are 345 units including 70 reserved for workforce housing, two-story townhomes with private outdoor terraces and standard studios. Amenities include an elevated pool deck, a state-of-the-art technology package, a workout facility featuring yoga and spin rooms, an amenities deck and a dog park.
The development also features a rooftop area 20 stories in the air with an uptown, evening concept. The space boasts a private wine room, soft ambient lighting and seating perfect for evening and resident events.
Residents also have ease of travel with a MARTA station and the Peachtree Center just 100 steps from the lobby. Additionally, international travel hub Hartsfield-Jackson Atlanta International Airport is less than 15 minutes from the complex, and nearly any destination in the city is a quick drive away.
“We are truly in the heart of it all,” Roberson said.
There was also a swath of open area between the exterior of the deck and the new development, allowing Greystar to include 360 degrees of green space for residents to enjoy. Private patios in townhome units, a dog park on the amenity deck 12 stories in the air and an elevated pool provide lush green space all around.
Greystar is expecting to have all homes filled by 2022.
Georgia Residential Mortgage Licensee, License #22564. NMLS ID #6606. Subject to borrower and property qualifications. Not all applicants will qualify. Greystar Apartments, Ascent Peachtree and New American Funding are not associated. Click here to view the terms and conditions of products mentioned during the show. Corporate office 14511 Myford Rd., Suite 100, Tustin, CA 92780. Phone: (800) 450-2010. (October/2021)
New American Funding is a family-owned mortgage lender with a servicing portfolio of over 123,000 loans for $30.4 billion, 198 branches, and about 3,100 employees. The company offers several niche loan products and has made Inc. 5000’s list of Fastest-Growing Companies in America six times. It has a state-of-the-art career training facility and develops innovative technology, including the GoGo LO mobile application. For more information, visit www.branch.newamericanfunding.com/Atlanta.
The Atlanta Real Estate Forum Radio “All About Real Estate” segment, presented by Denim Marketing, highlights the movers and shakers in the Atlanta real estate industry – the home builders, developers, Realtors and suppliers working to provide the American dream for Atlantans. For more information on how you can be featured as a guest, contact Denim Marketing at 770-383-3360 or fill out the Atlanta Real Estate Forum contact form. Subscribe to the Atlanta Real Estate Forum Radio podcast on iTunes, and if you like this week’s show, be sure to rate it.