Ground is Broken on Glenwood Park Apartments
The Atlanta Journal Constitution ran a story on the start of apartment construction at Glenwood Park, an award-winning project designed by TSW.
The article in summary:
Greenwood Street Properties, headed by Charles Brewer, founder of MindSpring, is preparing to break ground on a 28-acre development near Interstate 20 and the Glenwood-Memorial Connector in Atlanta. Originally planned for 300 units, the development, named Glenwood Park, has been reduced to 150 units, including around 125 townhomes, 125 single-family residences, and 125 condos, priced between $150,000 to $400,000. The first phase of the development will see 15 single-family homes and eight townhouses ready for occupancy by June 2004, with the first retail space and condos scheduled for completion by the end of that year.
The construction of Glenwood Park comes at a time when Atlanta’s multifamily housing market is experiencing low demand, and a significant number of apartments remain unoccupied. The average asking monthly rents are reported to be $953 for class A, $826 for class B, and $731 for class C units, according to Erik Pawloski, research director at Bullock Mannelly Partners Inc.
However, real estate experts predict that the market will improve in the second half of 2004, as the local economy gains momentum. John Leonard, vice president and regional manager of Marcus & Millichap Estate Investment Brokerage Co.’s local office, predicts flat vacancy rates in the rental market during the first half of 2004. Despite the challenging market conditions, Brewer remains optimistic about the potential success of Glenwood Park, citing the development’s unique blend of housing types and the diverse range of price points.
Overall, Glenwood Park represents a significant investment in the Atlanta real estate market, and could potentially play a role in revitalizing the city’s multifamily housing market. While the market remains challenging, the unique features and pricing of Glenwood Park could make it an attractive option for potential buyers, particularly as the local economy improves.
Ground is Broken on Glenwood Park Apartments
