Kaplan Residential, a real estate development company focused on the Southeastern United States, and the Frankfurt Group, a real estate investment and asset management firm, this week announced 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.

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“This agreement marks the largest multi-family sale in downtown Atlanta history, paving the way for additional residential investment and development in the urban core of Atlanta,” according to the announcement.

Located at 369 Centennial Olympic Park Drive, the project was the first development in the Southeast to feature the Prescient Lightweight Steel Structure System, which significantly reduced the construction schedule and its associated cost by nearly 25%. The use of the Prescient system allowed development to partner with the City of Atlanta’s initiative to expand housing options, ultimately resulting in revitalization, economic growth and investment in the transportation hub of the city. South East.

“With the same enthusiasm and pioneering approach that my father had 40 years ago working closely with Mayor Andrew Young, we designed Generation Atlanta to further propel the rapid population growth and residential expansion of the city with the help of Mayor Keisha Lance Bottoms. ” Nathan Kaplan, partner of Kaplan Residential, said in a statement. “Generation Atlanta and its sale serve as a catalyst for more businesses, developers and forward thinking to invest in downtown Atlanta with confidence in the value proposition. “

Since the inauguration of the project in 2018, with the mayor of the city of Atlanta Stockings Keisha Lance in presence, the last census shows a significant migration from rural areas of Georgia to its urban core. Data shows Atlanta is America’s fourth-fastest growing region, with experts suggesting the population could reach 8.6 million by 2050, a 43 percent increase.

“Kaplan Residential and Generation Atlanta’s ability to integrate the city’s affordable housing and an innovative environmentally conscious strategy, while meeting the needs of the city’s diverse residents, sets the standard for innovative and timely multi-family assets at to come. ” AJ Robinsonsaid the president of the Downtown Atlanta Improvement District and Central Atlanta Progress. “We look forward to working with the Kaplan Residential team and the Frankforter Group on future projects in the Metro Atlanta area. “

Generation Atlanta includes apartments from studio to two-bedroom units, covering 459 to 1,512 square feet, with monthly rents ranging from $ 1,600 to $ 3,650. The residences include quartz countertops, custom cabinets, kitchen islands, stainless steel appliances, “spa-inspired” bathrooms, full-size washers and dryers, private balconies, entrance hall. smart keyless and more.

Facilities at the property include an open-air theater, rooftop swimming pool and terrace, bowling alley, electric vehicle charging stations, cafe-bar, fitness center, fitness studio, yoga and SkyBar lounge.

Kaplan Residential acquired the approximately 1.8 acre parcel for Generational Atlanta in 2018 for $ 6.4 million. The company is committed Niles Bolton Partners, Focus design, and Clark Construction Group to build the skyscraper, and Banco Santander, Analyze the capital, Seyfarth Shaw, and Cushman Wakefield played a key role in the development process.

The sale of Generation Atlanta follows the sale by the company of its 203-unit multifamily asset, Square One – the “first” mixed-use community built in the “downtown corridor” of the town of Sandy Spring – for $ 56.2 million. Kaplan Residential also recently purchased two plots of land in the Atlanta area, for more than $ 11 million, both intended for future construction communities for rent.