UPDATE — APRIL 9, 2014
The Atlantic has announced they will begin converting leased units back to condominiums FOR SALE! As of this date, they have released floors 7-20 and 41 to 47 which include some incredible penthouse homes!
For MORE INFORMATION about The Atlantic Residences, please visit:
We’ve heard this was coming, and now it’s official! 324 homes in the tallest residential building in Atlantic Station are now available for immediate lease in The Atlantic! WOW! In fact before ST Residential sold the building, I reported they were moving some 80 homes to rentals in December, 2011.
This news had been circulating for some time, but the website is up and the Leasing Office is OPEN! And it’s actually a pretty interesting site as you can search for specific rental units based on a move in date, and your preferred rental rate. And the rental rates just may shock you Midtown Atlanta renters!
After numerous searchs on the site, for a May 1, 2012 move-in date, the least expensive 1 Bedroom Condo (apartment) is on the 9th floor at a whopping $1649 per month! A May 1 move-in date search for a 2 bedroom/ 2.5 bath apartment found a home on the 6th floor at $2197 per month! So, that’s pretty low considering the building is 47 stories tall. So what would it take to be up in the sky I asked?
The Atlantic offers two 2 bedroom/2.5 bath apartments on the 38th Floor —- at a pricy $2883 per month! A jump to the 45th floor took the rental rate up to $3,591!! So that almost Penthouse view will set you back a few pennies! I was going to post a floor plan for a reference, but the above 45th Floor rental is shown to have 2200+ sq. ft. but the available floor plans for a 2/2.5 only go to 1,830 sq. ft. I’d say we best do some homework on these floor plans and rates.
The arrival of The Atlantic with 324 available homes comes at a time when two other luxury apartment buildings are under construction on 12th Street in Midtown Atlanta. So over the next 12-18 months, the Midtown rental market is certainly going to see some competition. The question remains is if these buildings, The Atlantic included, will be able to maintain these rental rates, or if we will see some “fire sales” in rental rates. In my history of working with many, many potential tenants, I’ve not had ANY willing to pay these kinds of rental rates in buildings like Viewpoint or Spire.
I’ll be off to check out these homes and will post a follow up in the coming days!