In a letter dated January 13, ST Residential advised all home owners they received and accepted an unsolicited bulk sale offer to sell the remaining inventory of the 401-unit The Atlantic condominium located at Atlantic Station in Midtown. According to a source, the purchaser is a well-resepected real estate company located in Miami Beach, Florida – Crescent Heights (this has not been confirmed yet).

ST’s general strategy is to sell homes unit by unit to the public, but according to the letter, the bulk sale is in line with the bottom line pricing for each unit overall. So basically ST Residential was able to get their bottom line pricing and is going to unload the building inventory to another seller.

An affiliate of Miami Beach-based Crescent Heights paid $50.4 million for the remaining 241 units in the Tao condominium in Sunrise back in May last year. They then decided to lease the remaining units, rather than sell them individually. Who knows if this will be the plan for the The Atlantic. The Atlantic has a rental cap of 25% so I think it would be hard to turn the building into rentals.

Large multi-family distressed/bulk condo deals are a good sign that the bottom has been reached and investors are taking advantage of the opportunity in the market. I’m sure we will get more information when the deal is formally announced.

The Atlantic Residences will begin releasing a small number of condominiums into a new leasing program through a very limited, high-end rental program. Citing the very real costs of operating and maintaining a large skyscraper, received funds from the rentals will supplement marketing costs (to sell  the remaining inventory) as well as fund ongoing payments to the master condominium association. Rentals will be offered at an average of $2,500 per month for a one-bedroom condominium, which is considerably higher than the standard $1,500-$1,900 range in most buildings.

There will be a completely separate leasing office located on a residential floor of the tower, meant not to detract or distract from the continuing for-sale marketing program by the sales team (currently located adjacent to the residential lobby). Those units being leased will adhere to the Georgia Condominium Act (requirements include: providing notice to existing tenants of an impending conversion to condominium and providing each existing tenant with a right of first refusal to purchase the tenant’s residence and disclosure to potential purchasers the physical condition of the property based on an engineer or architect’s report). Ultimately, the program is designed to convert those leasing to owning. Click Here for More Photos & the Rest of the Feature

The Atlantic Residences is located in Midtown at Atlantic Station and the condos have some of the best views in Atlanta, especially on the upper levels of the building facing downtown. The two-story penthouse unit I toured had some really great features, like the double height windows and ceiling and a spectacular master bathroom. Pictured above, penthouse 4601 has a large square terrace with glass railings. Regarding the terraces in the tower, every other floor in the building has a solid wall railing, so if you want to see clear through to the view from inside your unit, pick a floor with the glass railing. The upper floors have larger terraces.

This particular penthouse happens to be under contract, with a list price of $1,170,000 $1,300,000 (sales team informed me the list price is actually $1.3 on 5/9). It has two-bedrooms, 2.5 baths, two large terraces and approximately 3,133 square feet of space. Click Here for More Photos & the Rest of the Feature

The Atlantic Residences at Atlantic Station in Midtown exterior facade combines modern architecture with art deco influences. Thankfully, there are glass railed terraces to enjoy the spectacular views. I have two things I really don’t get in Atlanta. First, why does anyone build a high rise without glass railing terraces? Also, why don’t the developers take the time to paint the underside of the terraces? I know it’s more cost effective, but it leaves the building looking unfinished when gazing up from the street.

Above is a shot looking up to the crown of the building, which looks terrific. It’s interesting, classic and modern and fits in with the structure of the building. Every other floor in the building has a half-wall/half-glass combo in one main room. It’s a furniture wall for residents who don’t really want the floor-to-ceiling glass window look. Part of the reason to purchase in the condo building is the view, but if you have a lot of furniture and need the space, a unit like that will suit your needs perfectly. Click Here for More Photos & the Rest of the Feature

I finally made it to The Atlantic Residences last week to check out the building and models. Today, I’m going to show you the club room, library, theater, pool deck and lobby. Later I have some really beautiful shots to share of the model homes and the building exterior. Speaking of which, the exterior has influences of the Art Deco era, but on the inside, the finishes are more modern. Prices start from $183,700 to well over $1,000,000. They have something for everyone’s budget.

The building towers over everything else in at Atlantic Station and gives its owners some really great views. Those living on the backside of the building will have the best unobstructed views looking straight to downtown. One of the main reason people choose to live in a condo over a single family home is the view.

Pictured above: The Club Room dining bar with seating for ten. Very sophisticated area with a flatscreen tv, modern lighting and an antiqued mirrored wall. This is a great entertaining space and it can accommodate a lot of people. I know because I went to the ST Residential launch party and the room was completely packed. Click Here for More Photos & the Rest of the Feature

After sitting lifeless for quite some time, The Brookwood & The Atlantic will begin selling in about three weeks on August 26th. What does the future hold in store for these projects and what will the new  pricing be? How long will it take to absorb these units and what will the demand be? Have buyers been patiently waiting to purchase in these projects?

The Brookwood was offering buyers huge incentives after struggling to get 20 people to commit to purchasing – and it is an amazing LEED building. Probably one of the best condo buildings built in Atlanta in quite some time. I have heard many unjustified rumors surrounding The Atlantic and it’s fate, everything from tuning it into college dorms, to rentals, mothball the building for a few years and so on… none of which were true. I’m not one to really believe rumors, which is why I do not post information like that.

The bottom line is in order to be competitive in our current market, the units need to be priced below market value to move. ST Residential has most likely already decided what the condos will be selling for and I will bring that information to you in the coming weeks. I would expect prices to be in line with the last round of incentives or even below those numbers.

Read more about The Atlantic | Read more about The Brookwood