Are Buyers Laughing All The Way To The Bank?
This past Thursday, Aug. 26, Starwood Capital Group held a grand reopening Gala at The Atlantic to relaunch Starwood Properties in the Atlanta Market which include The Brookwood Condos located at 1820 Peachtree Road in Buckhead.
Starwood Capital Group foreclosed on The Brookwood, a 20-story luxury condo tower at a foreclosure auction Jan. 5– a $109 million loan secured by the building, according to Databank Inc.
Starwood is believed to have purchased the note for at least 35 to 40 percent of the original value of the loan, which was originated by the failed Corus Bank of Chicago, says Doug Sams with the Atlanta Business Chronicle.
Big price reductions and big square footage are available at The Brookwood, according to Sales Agent for Coldwell Banker Atlanta, Marc Castillo, who attended Thursday’s Gala. Castillo says two bedroom condos with a den, 1100 square feet, starts in the 240’s, up to 50 percent less than when they originally opened last year when they were priced starting in the 400’s and up.
“The brand new construction, Viking push in appliances, custom cabinetry and the granite islands are stunning,” Castillo says.
Starwood also reopened Serrano in Sandy Springs and One River Place which consists of Brownstone, Garden Townhomes, and Luxury Stacked flats near Rays On The River, starting in the 300’s.
“Atlantans drive by and wonder what is going on with Serrano,” says Castillo. “It’s coming back online and buyers will be able to secure two bedroom condos beginning in the 133’s.”
Starwood claims that they made improvements to some of the properties to make them more marketable and they said that in the Atlanta market they spent nearly 6 million improving properties they already own.
1820 Peachtree Road Northeast
Atlanta, GA 30309