Mixed Use -725 Units Multifamily -Atlanta -Near New Microsoft Campus

Highlights:

• Tremendous ROI

Description:

Finance and/or JV Opportunity

Jon Detlefs
Founding Partner
o: 904.620.0000
c: 904.274.0464
Jon.Detlefs@IMGCapitalPartners.com
www.IMGCapitalPartners.com

In January 2021 Microsoft Corp. (Nasdaq: MSFT) announced the purchase of another 20 acres adjacent to its original Quarry Yards purchase as it continues assembling land for the new campus that expects to bring thousands of jobs and represents an unprecedented investment into Atlanta and more specifically to its Westside which will impact the whole state of Georgia and the entire region.

Microsoft is in talks with nearby Georgia Tech University to offer integrated programs specifically tailored to provide a pipeline of qualified tech labor to grow its workforce to some 20,000 tech and support workers in future years.

In addition to Georgia Tech, the area contains Georgia State University and the highest concentration of historic Black colleges found anywhere in the country (including Morehouse, Spelman, Clark Atlanta University, and Morris Brown), promising a strong, highly educated and qualified labor force pipeline on Microsoft’s doorstep.

Similar to Microsoft Corporation, the high-profile online hospitality marketing company, Airbnb, Inc., has announced its intention to establish its East Coast headquarters in the same vicinity (the specific location is yet unknown – see articles in Appendix D at the end of this report), bringing thousands of additional new jobs to the area and further fueling momentum of substantial new investment in the Upper Westside Atlanta submarket.

Phase I of the 1628 James Jackson Parkway NW waterfront tract development is planned for an attractive 15-Story (atop three stories of parking and including amenities) high-rise apartment building structure capitalizing on the scenic waterfront overlook and natural environment views the site offers and will include 203 rental apartment dwellings
averaging approximately 713 square feet in size and approximately 90-foot average size outdoor decks with each unit. Pricing is expected to be between $2.50 to $3.50 per square foot for these units. A total of 1,860 new luxury apartments have been delivered to the nearby market in the past year (2020) underscoring the level of anticipated rental housing
demand emerging in this Upper Westside Atlanta submarket.

Site Summary
The Upper Westside 1628 Jackson Parkway site is a 7± acre wooded site situated on the banks of Proctor Creek along James Jackson Parkway NW in Atlanta’s Upper Westside. The Phase I community is planned to be positioned (in terms of pricing, marketing, and lease-up sales) to take advantage of its waterfront site (a rarity in Atlanta), its unique location relative to:

(i) the Proctor Creek Trail and other westside Atlanta trails that directly connect into the Proctor Creek Trail,

(ii) the expansive Proctor Creek Greenway located to the east and west of the south and which includes the Westside Park, Gun Club Park, Grove Park and the Gun Club Landfill Tract (see Appendix F),

(iii) the Proctor Creek Greenway Park and the larger Chattahoochee Greenbelt Park System to the west of the site, and

(iv) its advantageous proximity to multitudes of new Microsoft, Airbnb and other anticipated jobs coming into the immediate area.