Purchased in September 2017, 675 N Highland presented a unique opportunity for Origin to acquire a luxury, boutique, stabilized asset in a high-barrier micro market just northeast of downtown Atlanta. The acquisition was led by Origin Managing Director of Acquisitions, Dave Welk.
The completed portion of the property, Phase I, features a mixture of one, two, and three bedroom condo-quality units which are larger than 1000 square feet on average and feature 10′-11.5′ ceilings. The 125-unit Phase I property also includes a 391 spot parking garage, a pool area, bocce court, grilling stations, and fire pits. All of these amenities will be shared with the 39 units in Phase II.
After purchasing 675, Origin immediately got to work constructing Phase II, which now sits directly behind Phase I on what used to be a grass field. Phase II will offer substantially smaller average units, and include 9,400 square feet of creative office space.
One of the factors that initially drew Origin to this property was the high barrier to entry of the neighborhood. Neighborhood groups in the Highland area make it extremely difficult for new multifamily projects to go up, which means very limited competition for at least the next 5-10 years. We use models during the deal prospecting phase that take into account dozens of variables like this.
In this video update, Origin Principal Michael Episcope toured the property with Dave Welk on a rainy in Atlanta as Hurricane Michael approached form the southeast. We were able to complete this tour of 675, as well as a tour of The Olmsted in Chamblee just in time to fly back to Chicago before the storm.