The apartments at westside provision district are grand in a great sense. When we coin the term grand, we don’t aim at just presenting the size but includes everything else as well. If looking for an apartment, then you can rely on the grand apartments in this location.
The silhouettes of pedestrians stand in front of Victorian homes and the downtown skyline in San Francisco, where the median home price is more than twice that of Atlanta. (David Paul Morris/Bloomberg)
Here’s how Atlanta got on a footloose Californians’ radar: low housing prices, lots of hiring and warm weather most of the year.
Metro Atlanta is the eighth most-sought destination for those in the Golden State thinking of leaving and looking into the home markets across the country for alternatives.
“The combination of strong job growth in Atlanta and a more favorable housing market for buyers and renters create a gravitation pull towards Atlanta,” said Cheryl Young, senior economist for Trulia, the online real estate company that collected the data. Atlanta “is simply an appealing place to live for those leaving expensive California markets.”
Among the top ten destinations for Californians, as measured by Trulia, there’s a bias for proximity: Five are in the West, two of them in the Southwest.
The only cold weather cites under scrutiny are New York and Chicago.
From the Atlanta perspective, those places are expensive. Atlanta’s median home price – $249,000 – is less than Chicago’s and looks very cheap indeed compared to the $439,990 median in metro New York.
But from out on the coast, the northeast may look like a steal: San Francisco’s median home listing is $750,000 and the median in Los Angeles is $650,000.
But it’s when they gaze toward Atlanta that they see the bargain basement of big cities, according to Trulia.
Atlanta’s median home price is 62 percent cheaper than Los Angles, 64 percent below San Diego and 67 percent cheaper than San Francisco.
(And don’t even ask about San Jose, the heart of the Silicon Valley).
Atlanta-area home prices may be rising, but that won’t look like a problem to someone with cash from selling a California home, Young said. “Buyers looking in Atlanta from California saw a massive savings.”
But owning even a lower-priced home typically requires some income. And the jobs picture has been pretty bright in metro Atlanta.
California, of course, is a much bigger economy with about 17.1 million jobs, compared to 4.5 million jobs in Georgia and 2.8 million jobs in metro Atlanta. But the pace of growth has been brisker here, even as the region grows more enmeshed in the global economy.
In the past five years, the number of jobs in the metro Atlanta economy has surged by 14.8 percent. California has also grown, but not as rapidly: a 13.4 percent expansion.
A migrant from the coast may also not need to surrender all that much in pay – which means having a lot more purchasing power in a state where basic services and goods are cheaper. And among the top 10 metros researched from California, Atlanta’s home prices are lowest.
According to the Federal Reserve Bank of St. Louis, the average hourly earnings in California is $30.36, and at $29.27 an hour, Atlanta isn’t so far behind.
Still, talk about California emptying out is a bit off-base, according to Trulia: There may be many people fleeing the coast, but thousands of people around the country are looking to reverse that.
There is no trend toward abandoning California, Young said.
Median home price, top destination for Californians
Las Vegas – $260,000
New York – $439,990
Phoenix – $279,000
Dallas – $312,900
Seattle – $414,950
Portland, OR – $395,000
Atlanta – $249,000
Houston – $289,900
Chicago – $259,800
Denver – $437,500
Percent of California searches, by city
Las Vegas – 8.1 percent
New York – 7.3 percent
Phoenix – 7 percent
Dallas – 5.5 percent
Seattle – 5.1 percent
Portland, OR – 3.2 percent
Atlanta – 3.2 percent
Houston – 3 percent
Chicago – 2.9 percent
Denver – 2.7 percent
Job growth, 2013-2018
Metro Atlanta: 14.8 percent
California: 13.4 percent
Source: Bureau of Labor Statistics, staff research
New apartment development is revving up in downtown Atlanta, with the latest proposal bringing a one-of-a-kind design to the city.
Kaplan Residential, which has an Atlanta office, is soon to break ground on an $86 million apartment tower at 377 Centennial Olympic Park Drive.
The 336-unit project would sit near Centennial Olympic Park, where several tourist attractions are now being revamped including Philips Arena and Georgia Aquarium. The apartment tower would rise 17 stories on a 1.5-acre site that’s catty-corner to the Center for Civil and Human Rights.
“We feel like the job story downtown is the most compelling in the city — 140,000 jobs and virtually no new Class-A apartments in the submarket,” said Nathan Kaplan, partner at Kaplan Residential. “We feel like downtown is a greatly under-supplied market.”
The apartment tower will be a first for Atlanta, as it’s being built with a prefab building material called Prescient. The product cuts high-rise construction costs by 20 to 25 percent, compared to using concrete.
It will help Kaplan achieve rental rates around $2.10 to $2.15 per square foot, a discount to typical high-rise apartments in Atlanta.
That’s critical for the downtown market, where average rental rates are at $1.66 per square foot, according to real estate analyst Haddow & Co. In comparison, both Midtown and Buckhead are seeing rental rates near $2 per square foot.
“We feel like we have a game-changer for downtown and also for the city,” Kaplan said.
The project will be called “Generation,” a brand Kaplan Residential hopes to further expand in Atlanta. The downtown project could begin delivering units in second-quarter 2020.
Niles Bolton Associates is the architect. CBG Building Co., which specializes in Prescient construction, is the general contractor.
Kaplan Residential had first unveiled its plans for downtown in 2016.
“We know that those involved in this project have worked very hard to advance it to this important beginning,” said A.J. Robinson, president of Central Atlanta Progress. “It’s a significant addition to the Centennial Park District and will fit in nicely there. We are always excited about new housing options coming to downtown.”
For the past several years, developers have concentrated most new Atlanta apartment projects in dense urban areas such as Midtown or Buckhead or neighborhoods including the Old Fourth Ward where people can live and work next to the Beltline. The areas are typically in walking distance of transit and near amenities such as shops or restaurants.
Now, new apartment development is ramping up downtown.
In the last 12 months, 238 units have delivered, according to Haddow & Co. Currently, 833 units are under construction in downtown, with another 1,325 units in the pipeline.
Recent projects downtown include the $96 million Post Centennial Park, a project that was the first significant delivery of new apartments in the city’s central business district in at least 10 years.
Developers are buying into downtown’s potential to generate apartment demand, as Georgia State University enrollment grows and more students want to live in the city after graduation. Land in other parts of intown Atlanta is also becoming more expensive, potentially making downtown a more affordable option for apartment developers in dense urban settings.
Plus, tons of new investment has come downtown, from the major renovation of Philips Arena to a $100 million expansion at the Georgia Aquarium. A massive entertainment district is planned for “The Gulch,” and German real estate company Newport US RE has acquired dozens of historic buildings in south downtown for a sweeping redevelopment.
“Downtown continues to become a more appealing market,” Kaplan said. “We are excited. When you are heading south on the highway toward the airport, you will see the Generation building. I think it will change the downtown skyline.”
112 Kiram Ter Sw, Atlanta, GA 30331
112 Kiram Ter Sw, Atlanta, GA 30331
Upper Bedrooms: 3
Baths Full: 3
Dining Room Desc: Dining/Great Rm112 Kiram Ter Sw, Atlanta, GA 30331
112 Kiram Ter Sw, Atlanta, GA 30331
Bedrooms Upper: 3
Baths Full Upper: 3
Lot Description: Valley View
Longtime Atlanta commercial real estate veteran Bo Jackson is joining Greenstone Properties, as the developer looks to bolster its acquisitions business.
Jackson is leaving real estate services company Transwestern after five years, where he was a senior managing director.
“For me, this was a question of vision,” Jackson said. “I wanted to go somewhere that I could expand my interest in acquisitions and development.”
He’ll have that opportunity with Greenstone, which has a development portfolio that includes the new $100 million Cumberland headquarters for HD Supply, a proposed 10-story building in MIdtown at 14th and Spring, and another project in Alpharetta at Georgia 400 and Old Milton Parkway.
“We have done a good job with development,” said partner De Little. “We can do more with acquisitions.”
Before his stint with Transwestern, Jackson oversaw a $3 billion portfolio for Colonial Properties Trust. He also held executive positions with Beacon Properties and global real estate company Hines. Those roles gave allowed him to build connections with multiple capital sources.
Greenstone will target mostly office property acquisitions ranging from $25 million to $200 million, primarily in Atlanta, but also in markets including Dallas, Charlotte and Nashville, among others. It will look for both suburban value-add opportunities and properties in dense mixed use environments. In recent months, it was a finalist for big acquisitions, but fell just short.
“We felt that if we had Bo we would have been first a lot more often,” said Greenstone partner Chris Schoen.
Greenstone’s plan to boost acquisitions appears to have good timing. Much of Atlanta’s office market shows strong fundamentals, but especially properties that are in walking or biking distance of amenities such as housing, restaurants and nightlife, transit or public spaces such as the Atlanta Beltline.
For example, in Midtown, which has access to many of those amenities in a dense urban environment, rates for premier office space jumped 12.5 percent year-over-year, according to data from Jones Lang LaSalle Inc.
In a recent conference call with Wall Street analysts, Cousins CEO Larry Gellerstedt said of markets such as Atlanta: “Business and consumer confidence remain positive. Office users are growing their footprints, more companies are migrating to the Sun Belt, and new supply remains in check."
Jackson said, "Foreign and domestic capital are looking for office properties, and Atlanta is high on the radar."
ATLANTA, GA. — The Falcons will be in at least three prime-time games in 2018, kicking off the 2018 NFL season with a trip to face the Super Bowl champion Philadelphia Eagles. The game will be the first regular season game of the NFL season, during the annual Thursday Night Kickoff on Sept. 6. An 8:15 p.m. ET kickoff on NBC is scheduled.
The Falcons will play their first prime-time game in week 7 on Monday Night Football at Mercedes-Benz Stadium when they host the Giants Oct. 22. The game, which will air on ESPN, will kick off at 8:15 p.m. ET.
Even more exciting could be the game in the Big Easy in Week 12 on Thanksgiving Day. In the matchup, airing at 8:20 p.m. ET on NBC, the Falcons will square off against their hated rivals, the New Orleans Saints, in the Superdome.
SEP 06 8:20 PM ET AT EAGLES (NBC)SEP 16 1:00 PM ET PANTHERS (FOX)SEP 23 1:00 PM ET SAINTS (FOX)SEP 30 1:00 PM ET BENGALS (CBS)OCT 07 1:00 PM ET AT STEELERS (FOX)OCT 14 1:00 PM ET BUCCANEERS (FOX)OCT 22 8:15 PM ET GIANTS (ESPN)BYE WEEKNOV 04 1:00 PM ET AT REDSKINS (FOX)NOV 11 1:00 PM ET AT BROWNS (FOX)NOV 18 1:00 PM ET COWBOYS (FOX)NOV 22 8:20 PM ET AT SAINTS (NBC)DEC 02 1:00PM ET RAVENS (CBS)DEC 09 1:00PM ET ATPACKERS (FOX)DEC 16 1:00PM ET CARDINALS (FOX)DEC 23 1:00PM ET AT PANTHERS (FOX)DEC 30 1:00 PM ET AT BUCCANEERS (FOX)
(For more news like this, find your local Patch here. If you have an iPhone, click here to get the free Patch iPhone app; download the free Patch Android app here.)
Photo and video courtesy YouTube
NEW YORK, April 11, 2018 (GLOBE NEWSWIRE) — Greystone Affordable Development, a leading provider of affordable housing recapitalization and rehabilitation advisory services, announces the closing of a $168.6 million multifamily housing transaction in Georgia, marking the third collaboration with Atlanta, GA-based The Hallmark Companies, Inc., an owner and manager of approximately 11,000 affordable housing rental units in the U.S.
The portfolio of affordable housing properties included 26 aged USDA Rural Development Section 515 properties (which were then consolidated into 23) comprised of 1,310 rental apartments serving low-income households in 17 counties across the state. In the statewide-pooled transaction, Greystone worked closely with USDA’s Rural Housing Service (RHS) State and National Offices and the Georgia Department of Community Affairs (DCA) to coordinate and secure the financing needed to recapitalize and rehabilitate this at-risk and much-needed housing.
“With only 38 affordable rental homes available for every 100 extremely low income households in Georgia, a large percentage of the state’s income-restricted households are severely rent overburdened. New affordable housing stock just isn’t being created fast enough to meet the demands, thus preservation of the aging stock is absolutely essential,” said Tanya Eastwood, President, Greystone Affordable Development. “We are able to not only preserve, but also modernize this vital housing stock. It is important to note that this unique and complex process would simply not be possible without Housing Credits and Private Activity Bonds.”
“The rural areas of the U.S. are often overlooked for real estate investment, so we appreciate how valuable the portfolio preservation strategy is for owners committed to serving rural residents,” said Joyce White, State Director of Georgia, USDA Rural Development.
The financing plan combined both public and private funding, and included:
Tax-Exempt Bonds – Single issuance of $54.3 million in publically offered multifamily private activity tax-exempt bonds from the Housing Authority of Macon-Bibb County.Low-Income Housing Tax Credit Equity – Purchase of 4% Federal and State LIHTCs by Boston Financial Investment Management, generating $54 million in capital contributions.RHS 515 Debt – Assumption and subordination of $27.6 million of original USDA Section 515 debt, as well as $368,000 in new USDA Section 515 debt awarded to two of the properties through Rural Development’s Multifamily Preservation and Revitalization (MPR) Program. The Section 515 program is a direct loan program designed to provide subsidized loans to developers of affordable housing in rural markets.Senior Debt of $27.3 million in USDA Section 538 loans provided by Greystone Servicing Corporation, Inc.Excess Reserves, Project Operations, Investment Income, and Deferred Developer Fees totaling $5 million.
The rehabilitation plan includes a fast-paced construction phase, estimated to be complete within 24 months, during which no residents are expected to be permanently displaced. Substantial renovations, averaging $37,000 per unit, will include both interior and exterior improvements. Particular emphasis will be placed on bringing the properties, built between the late 1970s and the mid-1990s, up to modern standards, addressing accessibility, functional obsolescence and deterioration. This transaction includes the goal to achieve an overall energy savings of at least 20% at each property via installation of energy efficient measures such as ENERGY STAR certified windows, doors, and appliances, high efficiency water heaters, and insulation upgrades.
“With the critical need for affordable housing in Georgia, we are inspired by Hallmark’s proactive efforts in preserving this critical housing stock,” said Laurel Hart, Director, Housing Finance & Development Division, Georgia Department of Community Affairs. “We would love to see other owners in Georgia embrace this process, which is clearly something of a ‘secret sauce’ that Greystone has developed for the benefit of thousands of affordable housing residents.”
"Greystone has been an incredibly valuable partner in our role as stewards of affordable housing in the southeast,” said Pete Petersen, President, The Hallmark Companies, Inc. “Their sincere commitment to our residents is what drives such a complex transaction to the finish line, and we look forward to working on future transactions together.”
“We strive to create a blueprint for preservation that can be replicated across the country as we continue to seek opportunities to recapitalize and rehabilitate multiple properties in a single transaction, said Will Eckstein, Senior Vice President, Greystone Affordable Development. “These public / private partnerships not only preserve and improve much-needed affordable housing in rural communities, it drives economic investment and is a win-win for all. We especially thank Hallmark for their continued confidence in Greystone to guide them through this process for the third time and their commitment to affordable housing across the state of Georgia and the Southeast.”
The deal team included:
ArchitectWallace Architects, LLC (Columbia, MO)Bond IssuerThe Housing Authority of Macon-Bibb County (Macon, GA)Bond Issuer’s CounselSpivey, Pope, Green, and Greer, LLC (Macon, GA)Bond UnderwriterStifel, Nicolaus & Company, Incorporated (Montgomery, AL)Bond Underwriter’s CounselTiber Hudson (Washington, D.C.)Co-Bond Counsel Butler Snow LLP (Atlanta, GA)Co-Bond CounselDinsmore & Shohl LLP (Cincinnati, OH)Borrower’s CounselColeman Talley LLP (Valdosta, GA)DeveloperHallmark Development Services, LLC (Atlanta, GA)Developer’s ConsultantGreystone Affordable Development (Raleigh, NC)General ContractorGreat Southern, LLC (Valdosta, GA)Permanent LenderGreystone Servicing Corporation, Inc. (Warrenton, VA)Permanent Lender’s CounselBallard Spahr LLP (Washington, D.C.)Rating AgencyS&P Global Ratings (New York, NY)Subordinate LenderUSDA Rural Housing Service (Washington, D.C.)Tax Credit SyndicatorBoston Financial Investment Management, LP (Boston, MA)Tax Credit Syndicator’s CounselGallagher Evelius & Jones LLP (Baltimore, MD)TrusteeUS Bank (Atlanta, GA)Trustee’s CounselSmith, Gamble & Russell, LLP (Atlanta, GA)
About Greystone Affordable Development
Greystone Affordable Development, a Greystone affiliate, is a development and transaction management group that is focused on meeting the challenges associated with the recapitalization, rehabilitation and preservation of affordable housing throughout the U.S. To date, the group has coordinated the rehabilitation and preservation of over 11,000 apartment units (305 properties) with another 2,000 in various stages of completion in seven states. The group’s mission is to create meaningful and significant impacts on communities by helping to provide low-income households with decent, safe affordable housing.
Greystone, together with its affiliates, is a real estate lending, investment and advisory company headquartered in New York. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products; Mortgage servicing; Real estate investment and development; Acquisitions / management of multifamily properties and healthcare facilities; Affordable housing preservation; Public transportation real estate management; and Real Estate sales advisory. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.
ATLANTA (CBS46) –
Many house hunters in Atlanta are experiencing sticker shock. The prices for properties in metro Atlanta continue to climb and with inventory down, it’s creating bidding wars for buyers.
Jon Pokrzyk is house hunting and in Atlanta where property prices are rising, he knows now is not the ideal time to buy. but he needs to.
"I just got married in September so my wife recently let me know that she got pregnant," said Pokrzyk.
This newlywed and soon-to-be new father has been out bid on several properties. And he’s finding out his dollar isn’t going as far as it used to.
"We’ve expanded the budget greatly as we’ve been shopping," said Pokrzyk. "Originally we were around the five to seven hundred thousand dollar range and we’ve expanded it closer it six hundred to a little bit over a million dollars.
The median home price in metro Atlanta is two hundred fifty thousand dollars. That’s ten percent more than just a year ago.
The reason for the high prices is low inventory. But the Atlanta housing market has something unique happening: people from outside of the area are moving here and trying to cash in on what was once an affordable place to live.
"They’re saying Atlanta is on sale. They cant believe the prices because where they’re from in Palo Alto the house would be 4.5 million and they can get it here for 1.7," said Christian Ross with Village Realty.
Christian Ross has been dealing Atlanta Real Estate for 13 years. She’s never seen prices rise this fast. And she doesn’t believe they’ll come down.
"I do not see any kind of bubble in our sight especially when we have companies like amazon that would have a huge impact," said Ross. "We have the film industry that’s making a five billion dollar impact on the state. I don’t see any slowing down."
Maybe not slowing down but more bidding wars could be heating up.
Copyright 2018 WGCL-TV (Meredith Corporation). All rights reserved.
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Donald Glover FX)
There’s a reason folks in the comments section of the YouTube promo for “Helen” called this the “Get Out episode.”
After kicking off the episode with a spit-taker – Earn (Donald Glover) going down on Van (Zazie Beetz) in the show’s most explicit sex scene to date – we hop to the “couple” driving away from the city to Helen, Ga., a little village northeast of Atlanta in the aptly-named, White County. Van apparently grew up in or around Helen, and regularly participated in the city’s Oktoberfest celebration as a kid.
The parallels between Jordan Peele’s Oscar-winning blockbuster are there, ranging from conversations about whether Earn will enjoy this decidedly non-Black event to the boar in the middle of the country road that they almost hit.
Their discussions about oral sex “tongue confidence” while high and whether Black women can be considered brunettes (which I guess I never thought about), remind you that you are, indeed, watching Atlanta.
DEKALB COUNTY, Ga. – Two people have been transported to a local hospital after police say they were shot at an apartment building in DeKalb County on Saturday.
Officials say the shooting happened around 12:17 p.m. at the Oaks at Stonecrest Apartments on Evans Mill Road in Lithonia, Georgia.
According to investigators on the scene, the boyfriend of a resident showed up at her apartment building and discovered that the woman’s ex and one of the ex’s friends were at her house.
Police said the new boyfriend then shot the ex-boyfriend and his friend as they were leaving in a red SUV.
The ex-boyfriend, whose name has not been released, was shot multiple times and is now at the hospital in critical condition.
The Cobb Energy Centre hosts An Evening with Audra McDonald: Songs from the American Music Theater on Saturday, March 3. (Publicity photo)
Friday, March 2 – Sunday, March 4
Don’t miss the Georgia Tiny House Fest this weekend, 12 – 5 p.m., Atlanta Motor Speedway, 1500 Tara Place, Hampton, GA 30228, www.facebook.com/events/131495984211130
Friday, March 2
Theatrical Outfit has opened Topher Payne’s award-winning play “Perfect Arrangement,” 8 p.m. tonight running through March 18, and Gay for Plays hosts a special night out with a pre-show event with Payne at 6 p.m., The Balzer Theatre at Herren’s, 84 Luckie St. N.W., Atlanta, GA 30303, www.facebook.com/events/1424397024338286.