In metro Atlanta, apartment prices aren’t just strengthening, they are gaining at a monumental pace. Following a long period of vacancies and uncertain futures, sky high towers in the Atlanta metro are selling for sky high sticker prices to new investors and management companies. The Atlanta commercial movers have found a variety of complexes that have sold recently:
-Preston Pointe at Windemere for $46 million (bought for $36 million in 2007)
-Dunwoody Station for $73 million (last sold in 2009 for $47 million)
-Tuscany at Lindbergh $49.5 million ($50.5 million in 2006)
Higher purchase rates translate to higher rental rates, and many cases of rental listings in Atlanta have bypassed even the peak rents of 2007. However, the Atlanta movers are curious–is this kind of growth sustainable? Perhaps only time will tell.