“We thought it was a great acquisition,” said Cunningham. “We love downtown and City Springs (campus). We love walking and want to be part of the community for the long haul.
Angelo Gordon declined to comment for the Atlanta Journal-Constitution.
Kaplan Residential and George S. Morgan Development Company purchased the two-acre Sandy Springs property for $ 5.6 million in 2014, when Sandy Springs was in its early stages of redevelopment, according to a statement from Kaplan Residential.
Nathan Kaplan did not disclose the additional development cost.
Located across from Whole Foods, the Square One building opened in 2016 with 203 apartment units and 10,000 square feet of retail space on the ground floor of the building.
While the building is said to be 95% occupied, tenants and buyers did not come quickly when the building opened.
“It was a bit of an education to get (people) used to living in this neighborhood,” he said, adding that several other mid-sized apartments by other developers were built in the following blocks.
The new lifestyles of the pandemic have led Kaplan Residential to build rental communities of townhouses, Nathan Kaplan said. The developer said his company’s research shows more people move to Atlanta for work and prefer more privacy than some multi-family communities.
“Some people want their own backyard or private access,” Kaplan said. “They don’t want to go into an elevator with a lot of other people. And we think there has been less supply of rental townhomes.
The developer said he also believes rental prices are at an all time high.
In June, the company bought land in Stone Mountain and Dallas, Ga. To build townhouses for rent, he said. The developer plans to build more than 400 units in total on the two properties. Both properties were acquired for $ 11.3 million, according to the company.
The townhouses will be rented for about $ 2,100 per month, Kaplan said.