ATLANTA — Locally based Gables Residential expects a record gain of about $900,000 from the sale of 2.5 acres in the Buckhead submarket. Located near the intersection of Northside Parkway and West Paces Ferry Road, Gables originally planned to develop the site as the second phase of the Gables Paces luxury apartment community.
Jordan Clark, Gables’ chief investment officer, said that the company decided to sell rather than develop the land in order to profit from an attractive deal and to enhance the exclusivity of the project’s first phase, which totals 80 units. The parcel that was sold will be developed as for-sale townhomes.
Gables expects to complete the high-end complex by the end of this year, with initial occupancy beginning in the fourth quarter. Gables Paces will include one-, two- and three-bedroom apartments ranging in size from 900 sq. ft. to 3,300 sq. ft. and rents beginning at $1,500 per month.