Post Properties announced today the development of Post Centennial Park™, a mid-rise luxury apartment community located in Atlanta, Georgia, planned to consist of 438 apartment units with an average unit size of approximately 808 square feet.
The community will be located in Atlanta’s central business district, adjacent to Centennial Olympic Park, and walkable to the MARTA Civic Center and Peachtree Center rail stations, and the Atlanta Streetcar.
Post Centennial Park™ is walking distance to sporting events, concerts, restaurants, downtown Atlanta attractions, and some of Atlanta’s largest employers. The project is expected to have a total development cost of approximately $96.0 million and is expected to initially produce an estimated stabilized yield on cost of approximately 5.8%, calculated on current market rents and after a 3% management fee, $300 per unit replacement reserve and a 10-year partial property tax abatement.
The community will include a mix of studio, one, two and three-bedroom apartments, with market rents forecast to average approximately $1,620 per month. Ten percent of the planned units will be designated as workforce housing, with rents forecast to average approximately $1,090 per month.