November 8, 2019
Atlanta’s multifamily market is one of the fastest growing in the nation, and developer Mill Creek Residential is behind a number of projects currently shaping the intown Atlanta skyline. In the past five years, MCR has developed 2,300 units across eight intown Atlanta communities, with another 1,000 units slated for completion in the near future.
We caught up with Chase Beasley, development associate at MCR, to discuss some of the firm’s current initiatives and his outlook on the evolving Atlanta multifamily market.
Q: Can you talk about your current strategy at Mill Creek? What are some big projects in the pipeline and how are they progressing?
A: Throughout the current development cycle, Mill Creek has focused primarily within Atlanta’s urban core, and our current strategy focuses on our continued confidence and belief within these in-town markets and neighborhoods. Though variables such as construction costs and land basis continue to rise within in-town submarkets, we pride ourselves on creating unique and creative solutions to generate communities that cater to an ever-evolving renter pool. Demographic changes and sustained job growth has allowed us to continue to develop our pipeline within Atlanta submarkets that have not have been built as much during the cycle and within existing growth submarkets, including Downtown, Buckhead, Decatur and Southeast Atlanta.
A large portion of our focus involves looking into demographic shifts within the renter pool, and figuring out how to accommodate those changes. For example, baby boomers are moving into apartments and downsizing, so it’s imperative to target those individuals with the open, embellished units they’re looking for.
Q: A number of your projects are located in the Buckhead area. Can you talk about some of the change you see coming to that area? Especially around Jamestown’s recently acquired Shoppes of Buckhead project?
A: We believe Buckhead has been and will continue to be one of the most prominent submarkets within the Southeast. Continued job growth, densification and development by hoteliers, multifamily, retail and office developers will continue to catalyze the submarket for growth.
Buckhead as a whole has been evolving to a place that is becoming truly walkable, and becoming a community that offers more than a place of work or a place of fine dining. Our success and continued interest in developing multifamily communities within Buckhead are bolstered by this evolution. Our communities, Modera Prominence and Modera Buckhead, now exist in areas that residents can truly live, work and play – all without having to drive. For example, Modera Prominence, which resides as the corner of Lenox and Piedmont Roads, is a part of a corner that contains a future hotel, an existing office building and the future completion of our community, totaling 18,000 square feet of retail with 318 homes. This densification is a departure from the large right-of-way that used to exist in its place. Continued investment within the submarket will promote density and provide a more appealing live / work environment for all age demographics.
Additionally, we believe the recent acquisition of the Shoppes of Buckhead by Jamestown will further bolster this change. The Open Forums provided by Jamestown to hear from the community was a fantastic idea, and will only lend to a more contiguous fabric within the heart of Buckhead should the Shoppes change according to the feedback received. We are truly excited by the energy the recent purchase has created, given the proximity of our Modera Buckhead project which resides across the street from the development. We believe our residents and retailers alike will enjoy the continuity between both developments and will benefit greatly.
Q: One of your projects, Modera Buckhead, has an interesting suite of high-end amenities. Can you talk about how that helps differentiate that community from some of the other apartment neighborhoods in the area?
A: Given the growth of multifamily developments within the Atlanta market, we pride ourselves in providing unique offerings that residents desire, beyond typical amenities that a resident would find anywhere within the city. In doing this, our focus involves looking into demographic shifts and studying market surveys of the renter pool, and figuring out how to accommodate current and trending changes to provide an offering that makes a resident feel excited to come home. The result of this can be seen at our Modera Buckhead community which boast luxury amenities such as a rooftop dog park with sweeping views of the Atlanta skyline, a dry heat sauna, oversized fitness room and yoga studio, sky lounge, two outdoor lounges with a movie lawn, two swimming pools that allow for residents to choose the amount of sun desired, and a rooftop terrace garden.
This is all to accomplish a unique feeling of pride for our residents to enjoy areas beyond their apartment home. We engage with architects and interior designers from other markets to facilitate in generating fresh ideas, yielding a meticulously thought through space that will promote engagement between residents within communal spaces. We strive to create a community and feel certain that the amenity offering promotes this.
*Pictured above is one of Modera Buckhead’s two swimming pools.
For comments, questions or concerns, please contact David Cohen