StoneBridge Investments of Washington, DC has acquired 550 Abernathy Apartments, a 228-unit apartment community in the greater Atlanta submarket of Sandy Springs, for $31 million. The property is located at 550 Abernathy Road NE within Perimeter Center, a fast-growing “edge city” that encompasses three small cities: Brookhaven, Dunwoody, and Sandy Springs. It is Atlanta’s largest employment center, with over 123,000 employees, 31 million SF of office space, three major hospitals, and six million SF of retail space including the 1.5 million SF Perimeter Center Mall.
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Backhoes and bulldozers should be busier in 2017 with 5 percent growth in construction starts, for a total volume of $713 billion, according to Dodge Data & Analytics’ annual forecast. Completed prior to the 2016 Presidential election, the study is summarized in Leslie Braunstein’s most recent article in Urban Land magazine, “Shovel-Ready.” An earlier Urban Land article by the same author, “Increased Use of Wood, Reduced Parking May Reduce Multifamily Construction Costs” explains how a key modification to the International Building Code is leading to a cost-cutting revolution in high-density multifamily wood-frame construction. Reduced onsite parking also is helping to trim construction costs for new multifamily residences.