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The Business Journal, 01-25-21

Kolter Urban tops out Buckhead condo tower early, reports strong sales

Business Journal | Jessica Saunders – A Buckhead condo tower that marks a Florida developer’s first entry into the Atlanta market has topped out ahead of schedule, with 30% of units sold.

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The units sold at The Graydon Atlanta at 2520 Peachtree Road NW include the junior penthouse listed at $7.399 million. The exact sales price for Unit 2103 is to be determined once the unidentified buyer completes customizations, said a spokesperson for Ansley Real Estate, which has the exclusive sales and marketing contract for the Kolter Urban project.

The 22-floor, 42-unit project topped out, or completed vertical construction, the week of Jan. 14, said Heather Pitts, an associate broker with Ansley Real Estate. It had been scheduled to top out in the second quarter of 2021, according to Bonneau Ansley, founder and CEO of Ansley Real Estate.

The Graydon is the first Georgia project and the first outside of Florida for Kolter Urban, the condominium and townhome development division of Palm Beach County, Fla.-based The Kolter Group LLC. It bought the 1.8-acre site counting on pent-up demand for high-rise luxury condos.

Sold units mean units are under contract with nonrefundable money.

“It is incredible — we have been selling air,” Pitts said.

The junior penthouse has 7,107 interior square feet and 1,634 exterior square feet and takes up the entire 21st floor of the building. An Atlanta resident was the purchaser.

The top floor penthouse has been listed at $8.499 million. It has 5,850 interior square feet and 2,794 exterior square feet, and takes up the entire 22nd floor. Terrace space has been a key attraction for buyers, and the 22nd-floor penthouse terrace wraps around the entire building, with nearly 3,000 square feet, Pitts said.

There were 3,406 closed condo sales in the city of Atlanta in 2020, almost exactly on pace with 2019, when there were 3,407 closed condo sales, according to First Multiple Listing Service data.

Kolter Urban expects to complete the project in late Q1 or early Q2 of 2022, roughly three months ahead of schedule, Pitts said.

Ansley Real Estate has dropped “Atlanta” from its name as it eyes growth statewide, with offices now open in Blue Ridge in the north Georgia mountains and St. Simons/Sea Island at the Georgia Coast, as well as Atlanta, West Cobb and East Cobb. The company’s fifth anniversary was in mid-December 2020, Ansley said.

SOURCE: The Business Journal


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