Key Facts
Property Details
The Atlanta apartment market continues to thrive due to strong economic fundamentals. The metro area benefits from a well–educated workforce and strong business community. Job growth, strengthened in part by numerous corporate relocations, has pushed rents to historic levels while new supply satisfies the demand of a higher paying workforce. While there still remains bifurcation between inner-Perimeter submarkets and outside the Perimeter, economic drivers such as the trend of corporate relocations and vast transportation and manufacturing infrastructure position Atlanta among the top major U.S. metros for rent growth in recent quarters. The Atlanta Metro is home to 15 Fortune 500 companies, most of which are located inside the Perimeter near Downtown, Midtown and Buckhead. Unemployment has fallen from double digits experienced throughout most of 2009, 2010 and 2011, to 4.6% as of April 2017. With low unemployment and renters with more spending power, the demand for multifamily housing near in-town amenities will continue to sustain pressure on market rents in the short to medium term. 675 North Highland is more specifically located in East Atlanta, which is one of Atlanta’s top urban submarkets. This market has experienced growth of 35% since 2013 has exceeded all other metro submarkets. Class A midrise rents have surpassed those in the traditionally core Midtown and Buckhead submarkets. The unique authenticity of Atlanta’s urban environment continues to attract the market’s top renters and it is positioned for robust long-term growth. Much of the Eastside’s growth is attributable to the enormous impact of the Atlanta Beltline Eastside Trail coupled with the prolific Ponce City Market mixed-use employment hub. Research indicates that Class A rents have grown 44.5% since 2013 at properties that are walkable (within 1 mile) to the Beltline, which also provides immediate access to Ponce City Market. While the greater East Atlanta submarket has posted the metro’s strongest rent growth, the highly-coveted Beltline-accessible properties represent the new echelon of Class A properties, in which the Property resides.