Dirt Talk Summer 2023

A

BUCKHEAD

RECENT TRANSACTIONS

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A

In March, Toll Brothers closed on 23.1± acres on Kimball Bridge Road in Alpharetta. Plans call for 41 single family homes. The land sold for $7,080,000, or $306,494 per acre. Homes are expected to sell for over $1 million, and the builder has a land basis of approximately $172,683 per unit. A local family partnership was the seller.

400

141

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B

In January, Atlantic Companies acquired a 2.6±-acre site on North side Drive near its intersection with the future BeltLine trail. 926 Associates, L.P. sold the property for $11,200,000, or approximately

B

85

$99 psf. To date, no development plans have been announced.

C

In May, Empire Communities closed on the second phase of land for its mixed-use project in Chosewood called Zephyr . Metzger was the seller of the 14.8± acres, which traded for $14,200,000, or approxi mately $959,459 per acre. In total, Empire acquired 34.8± acres at the in tersection of Boulevard and Englewood Avenue. Hundreds of homes—both rental and for sale—are planned, and initial units have already delivered. The total land basis for Empire is $33,200,000, or $28,500 per unit.

E

MIDTOWN

D

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D

In June, AGL sold 2.4± acres at Northside and North Avenue to Mill Creek . Modera Westside Trail will feature 373 multifamily units, the first of which should deliver by early 2025. Mill Creek purchased

F

the land for $10,000,000 or $26,809 per unit (or $26/FAR).

DOWNTOWN

E

In April, Allen Morris purchased 1.34± acres at 680 11th Street for $10,400,000, or $177 psf, and is currently constructing a 327-unit, 21-story apartment project entitled Stella . The project should be

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completed by August 2025, and the price per unit was $31,804.

EAST ATLANTA

F

In June, Morrison Properties sold Portman 1.3 acres of land along the BeltLine near Irwin and Krog Streets for $12,000,000, or $9,230,769 per acre ($212 psf, $50/FAR). The property will serve as the second phase of Portman's Junction Krog Project , a six-story office building currently under construction. The new building will incorporate 15,000 sf of retail and outdoor space and could include 220,500 sf of offices.

C