After 12 years, Atlanta's first deluxe rental tower trades hands
Original story featured on Ubanize Atlanta - December 15, 2021
Coro Realty’s 05 Buckhead building described as a pioneering apartment project
When it comes to upscale Atlanta apartment buildings today, aspects such as two-story penthouses, rooftop amenity decks, and hotel-grade concierge services around the clock are commonplace, if not requisites for viability.
But when 05 Buckhead debuted in 2009, all of those facets were considered pioneering for any new Atlanta tower that wasn’t comprised of for-sale condos.
Coro Realty officials looked back on that experience this week after completing the sale of 05 Buckhead, which was considered the 24-year-old, Atlanta-based company’s trophy asset.
Standing 20 stories, 05 Buckhead delivered 12 years ago as the first residential component of Buckhead Place, a mixed-use district spanning about 12 acres where Peachtree and Piedmont roads meet. At the time, it was considered Atlanta’s first “ultra-luxury apartment high-rise,” and possibly the first across the Southeast, as a Coro Realty rep tells Urbanize Atlanta.
05 Buckhead's centralized location near the intersection of Peachtree and Piedmont roads.
Situated midway between Buckhead Village and Lenox Square, 05 Buckhead’s goal was to attract discerning, affluent renters who valued service, privacy, and an upscale environment that “at the time was unlike anything else in the Southeast,” John W. Lundeen III, Coro’s managing partner, said in a prepared statement this week. “The service levels and amenities of the luxury hotels in Buckhead inspired us to build [it].”
The building’s buyer and sales price weren’t disclosed; we’ve asked for clarification and will update this story should that information come. [UPDATE: An affiliate of Lionstone Investment out of Houston bought the Buckhead building, according to a project rep.] Coro officials said conditions of the hot multifamily investment sales market—particularly in the Southeast—convinced them the time was right to offload 05 Buckhead.
Alongside his late business partner Joachim Herz, Lundeen began assembling properties that eventually became Buckhead Place in the 1980s.
Beyond the apartment tower, the mixed-use hub today includes two hotels, a six-story parking garage, and 135,000 square feet of retail anchored by LA Fitness and Marshall’s, with other tenants that include recently opened Amalfi Pizza and Red Phone Booth.
National multifamily developer Wood Partners plans to break ground on a second residential component at Buckhead Place next year, officials said this week.
The 20-story luxury apartment building at 3242 Peachtree Road NW. (Courtesy of Coro Realty)
The 05 Buckhead building counts 155 units ranging from studios to three-bedrooms, each with ceilings of nearly 10 feet and glass-rail balconies. A club room on the 20th floor has an outdoor theater, a bar, an outdoor pool with sun deck, and a terrace that was built to feature Atlanta skyline views.
Coro officials say proceeds from the tower’s sale will be fed into “multiple smaller investments” that will allow the company “to continue opportunistic acquisition and development strategies.”
SOURCE: Urbanize Atlanta by Josh Green