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Unsold Atlantic condos to go rental

By Douglas Sams
Commercial Real Estate Editor
Source: Atlanta Business Chronicle
A Miami real estate company recently bought the 324 unsold condos in Midtown’s The Atlantic tower for $89.3 million, and has begun converting the units to apartments.
It’s another signal investors have confidence in the intown Atlanta apartment market. It also underscores they see remaining volatility for condos.
Crescent Heights completed the transaction March 15, paying about $275,000 a unit.
The Atlantic units were to be offered for sale, from $300,000 to $1.5 million, as late as 2007.
Crescent Heights had reached an agreement in January with The Atlantic’s owner, ST Residential, an affiliate of Starwood Capital.
Crescent does not plan to buy out owners of the 77 purchased condo units in the Atlantic, where sales ranged from $173,000 to $733,033 per unit in 2011.
The Atlantic was developed at the height of the intown condo boom by Novare Group Holdings LLC and financed by the failed Corus Bank. The 46-story Atlantic looms over the mixed-use development Atlantic Station at 17th Street and Downtown Connector, and the tower became a high-profile symbol of the condo market’s collapse.
Crescent Heights’ decision to lease the units reflects how momentum since then has shifted to apartments, especially in Midtown ... more

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