Atlanta’s Multifamily Market Sees Major Developments

An illustration of Atlanta's evolving skyline as new multifamily developments emerge.

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News Summary

Atlanta’s multifamily housing market is thriving, with new projects like Marlowe Chamblee and a redevelopment in Underground Atlanta set to enhance living options. Greystar is spearheading initiatives that provide a mix of affordable and luxury units to accommodate the city’s growing population, while Assembly Atlanta continues to evolve into a vibrant hub for residents and businesses alike.

The Atlanta Multifamily Market is Booming: New Developments On the Horizon

Exciting Future Projects in the Heart of Atlanta and Surrounding Areas

Atlanta is buzzing with multifamily projects as developers scramble to keep pace with the city’s growing population and revitalizing economy. Notable developments include two major projects set to break ground later this year. One is located in a transforming former industrial sector of northwest Atlanta while the other is nestled near the picturesque shores of Lake Lanier in the suburbs. These initiatives highlight an ongoing trend in Atlanta’s real estate landscape, signaling a pivotal shift in the city’s housing market.

Marlowe Chamblee: A New Urban Oasis

In the suburban area of Chamblee, Greystar has plans to launch a whopping 300-unit multifamily project known as Marlowe Chamblee. Nestled within the ambitious Assembly Atlanta district, Greystar acquired 6.35 acres for this project at an investment of $11.5 million in January. Construction is slated to commence next month, with an anticipated finish by the summer of 2027. This complex will consist of two modern buildings, strategically located at the juncture of Parsons Drive and Peachtree Boulevard.

Marlowe Chamblee is crucially integrated into the larger Chamblee Park—a sprawling 31-acre mixed-use district being crafted by Toll Brothers. Situated only a mile north of Assembly Atlanta, this ambitious project aims to reshape the local community, promising to provide much-needed housing options within a dynamic environment.

Assembly Atlanta: A Hub of Innovation

Speaking of Assembly Atlanta, this expansive 135-acre district already boasts a diverse portfolio containing a 50-acre film production campus. Future phases of development are projected to enhance this area further, featuring exciting attractions such as e-gaming spaces, convention centers, boutique hotels, and additional residential offerings. The thrive of this multifaceted district underscores a shifting paradigm where live, work, and play coalesce seamlessly.

Greystar, the second-largest apartment management company in the Atlanta region, currently oversees more than 35,000 rental units, cementing its strong presence in the metro area. This growth comes on the heels of an overall uptick in Atlanta’s multifamily market, which has seen significant net absorption trends since early 2023. For the first time in three years, net absorption has outstripped deliveries, signifying positive momentum in the sector. Currently, the overall occupancy rate in the Atlanta multifamily market hovers around 90%, with projections indicating stability in the short term and a potential uptick as the population continues to burgeon.

Innovative Projects Promote Affordability and Diversity

In the heart of Atlanta, a fresh initiative is set to revitalize Underground Atlanta with plans for a mixed-use, mixed-income residential tower. Developed in collaboration between Lalani Ventures and Exact Capital, this 30-story tower will rise as the first new structure erected in decades at this historic location. The building will house approximately 405 units, including 163 affordable units supported by a $40 million tax-exempt bond approved by Invest Atlanta. This development not only holds the promise of increasing housing availability for those earning at or below 60% of the area median income but also aims to beautify and improve access to essential amenities.

Shifting focus to the Westside of Atlanta, Windsor Stevens is busy orchestrating a significant undertaking known as The Proctor. This project will introduce 137 residential units, of which 41 will be reserved for families earning at or below 80% of the area median income. Funding has been diversified among public and private partners, with crucial investments coming from Atlanta Housing and Goldman Sachs. Aiming to foster both affordability and accessible retail, The Proctor promises to reshape the urban landscape and enhance community integration.

As Atlanta continues to evolve with these new developments, it’s clear that the demand for diverse housing options remains paramount. With a wave of upcoming projects and innovative strategies in community development, the city is poised for a vibrant future that accommodates all walks of life.