Brewer to Break Ground on Apartments
By Alex Finkelstein
Atlanta Journal-Constitution
Last updated: Jan 27, 2004 01:53PM
ATLANTA - In an overbuilt apartment market, locally based Greenwood
Street Properties has reduced the size of its planned Glenwood Park
development to 150 units from 300 as it prepares to break ground
in February on a 28-acre site near Interstate 20 and the Glenwood-Memorial
Connector.
Headed by Internet MindSpring founder Charles Brewer, Greenwood
Street Properties will comprise about 125 townhomes in the $300,000
price range; 125 detached single-family residences in the low $300,000
to high $400,000 level; and 125 condos from $150,000 to $250,000,
area multifamily brokers following the market tell GlobeSt.com.
The first 15 single-family homes and eight townhouses are expected
to be ready for occupancy by June. The first phase of retail
space and condos is scheduled for completion by year end. Brewer's
project begins as the metro area's multifamily market is experiencing
one of its worst leasing years. "Owners will report flat vacancy through
the first half of 2004," predicts John Leonard, vice president and
regional manager of Marcus & Millichap Estate Investment Brokerage
Co.'s local office. He adds, however, that "by the second half
of 2004, the rental market should show positive signs of improvement
as the local economy gains momentum."
Erik Pawloski, research director at locally based Bullock Mannelly
Partners Inc., agrees. "Conditions will likely remain strained into
(most of) 2004, or until the economy and corresponding demand improve," he
says. He puts average asking monthly rents at $953 for class
A; $826 for class B; and $731 for class C.
