Kaplan Residential, a real estate development firm focused on the Southeast U.S., and the Frankforter Group, a real estate investment, and asset management firm, announced this week the closing of Generation Atlanta, a 336-unit, 17-story, high-rise apartment building located in the heart of Downtown Atlanta, for $126.9 million.
“This deal marks the largest multifamily sale in Downtown Atlanta’s history, setting the stage for additional residential investment and development in Atlanta’s urban core,” according to the announcement.
Located at 369 Centennial Olympic Park Drive, the project was the first development in the Southeast to feature the Prescient light-gauge steel structural system, which significantly reduced the construction timeline and its associated cost by nearly 25 percent. The use of the Prescient system enabled the development to partner with the City of Atlanta’s initiative to expand housing options, ultimately driving revitalization, economic growth, and investment in the Southeast’s transportation hub.
“With the same enthusiasm and pioneering approach my father had 40 years ago working closely with Mayor Andrew Young, we designed Generation Atlanta to further propel the city’s rapid population growth and residential expansion with the help of Mayor Keisha Lance Bottoms,” Nathan Kaplan, Partner of Kaplan Residential, said in a press release. “Generation Atlanta and its sale serve as a catalyst for more businesses, developers, and forward-thinkers to invest in Downtown Atlanta with confidence in the value proposition.”
Since the project’s 2018 groundbreaking, with City of Atlanta Mayor Keisha Lance Bottoms in attendance, the latest Census shows significant migration from Georgia’s rural areas to its urban core. Data highlights Atlanta as the fourth fastest-growing region in America, with experts suggesting the population could surge to 8.6 million by 2050, a 43 percent increase.
“Kaplan Residential and Generation Atlanta’s ability to integrate the city’s affordable housing and innovative environmental conscious strategy, while meeting the needs of the city’s diverse residents, sets the standard for innovative and timely multifamily assets to come,” A.J. Robinson, President of the Atlanta Downtown Improvement District and Central Atlanta Progress, said. “We look forward to working with both the Kaplan Residential team and the Frankforter Group on future projects in the Metro Atlanta area.”
Generation Atlanta encompasses studio apartments to two-bedroom units, spanning from 459 to 1,512 square feet, with monthly rents ranging from $1,600 to $3,650. Residences feature quartz countertops, custom cabinetry, kitchen islands, stainless steel appliances, “spa-inspired” bathrooms, full-size washers and dryers, private balconies, smart keyless entry, and more.
Property amenities include an outdoor theater, a rooftop pool and sundeck, bowling alley, EV charging stations, coffee bar, fitness center, yoga studio, and SkyBar Lounge.
Kaplan Residential acquired the approximately 1.8-acre parcel for Generational Atlanta in 2018 for $6.4 million. The firm enlisted Niles Bolton Associates, Focus Design, and Clark Building Group to construct the high-rise, and Banco Santander, Parse Capital, Seyfarth Shaw, and Cushman Wakefield played a key role in the development process.
The sale of Generation Atlanta comes on the heels of the firm’s sale of its 203-unit, multifamily asset, Square One — the “first” mixed-use community built within the City of Sandy Spring’s “Downtown Corridor” — for $56.2 million. Kaplan Residential also recently purchased two parcels of land in the Atlanta area, for more than $11 million, both intended for future build-to-rent communities.