ATLANTA, GA - Behringer Harvard Multifamily REIT I, Inc. (the REIT) announced that construction has started on Cyan on Peachtree (Cyan), a new 329-unit luxury multifamily property with a prominent Peachtree Road address in the heart of the Buckhead office and entertainment district approximately five miles north of downtown Atlanta. The property will include a 23-story residential tower and an adjacent seven-level parking facility with controlled access.
Equity capital for the construction of Cyan was provided by the REIT and by Monogram Residential Master Partnership I LP, which is a joint venture between the REIT and PGGM Private Real Estate Fund, a real estate investment vehicle for Dutch pension funds.
The community will be developed by an affiliate of Atlantic Realty Partners, a private commercial real estate firm. Headquartered in Atlanta, Atlantic Realty Partners owns and manages more than 2,000 apartments and has numerous multifamily communities under development in Atlanta and Chicago. The general contractor will be Brasfield & Gorrie, a private firm based in Birmingham, Alabama that is the largest general contractor in the Southeast. Construction began this month, and Cyan is expected to welcome its first residents during the second quarter of 2015.
"We are pleased to expand our relationship with Atlantic Realty Partners through this high-rise development centrally located in Buckhead," said Mr. Mark T. Alfieri, president and COO of the REIT. "Beyond its amenity-rich location, we feel Cyan's features and unit mix have been optimized to address unmet market demand for luxury apartments with superior-quality finishes offered at competitive rates."
Cyan will offer apartment units averaging 838 square feet each. Approximately 57 percent of the units will have one bedroom; larger units also will be available with up to three bedrooms and two and a half baths. The apartment homes will feature nine-foot ceilings, floor-to-ceiling windows, full-size washers and dryers, quartz countertops in the kitchens and baths, 42-inch hardwood cabinetry, and kitchens with islands and stainless steel appliances. Common-area amenities will include a garage-top deck with resort-style pool and cabanas, gardens and grilling areas, a Peachtree Overlook terrace, a state-of-the-art fitness center and a sidewalk cyber cafe.
The 1.94-acre development site at 3380 Peachtree Road is one block from the Buckhead MARTA station, which provides commuter rail service to Atlanta's major employment centers. The community also will provide commuters with convenient proximity to Georgia Highway 400. The 42-story Mandarin Oriental hotel and condo tower, with its newly opened Del Frisco's Grille, is adjacent to Cyan. Lenox Square Mall, located across the street from Cyan, provides more than 1.5 million square feet of upscale retail space and is the premier shopping destination in the Southeast.