Developer gets $182M in financing to build 31-story project in Midtown

Credit: PMG

Credit: PMG

At least 15% of project’s 460 units will be reserved for shared rental living

A national developer has shored up construction financing for a new mixed-use tower in Midtown, which will feature dozens of co-living rental units for residents looking to save money in a pricey area of Atlanta.

New York-based Property Markets Group (PMG) recently announced it and Toronto-based private equity firm Greybrook secured a $182 million construction loan to build the 31-story Society Atlanta at 811 Peachtree Street, according to a news release. The building, located roughly three blocks north of the Fox Theatre, will include 460 apartments, 82,000 square feet of office space and about 16,000 square feet of ground-floor retail space.

Society Atlanta is part of PMG’s growing Society Living multifamily brand, an effort to provide apartments that offer rent-by-the-bed options. Between 15% and 20% of the project’s apartments, which include a total of 644 beds, will be reserved for shared living arrangements.

ExploreCo-living a growing trend among renters on a budget

“People were already living with roommates to afford to live where they want to be,” Ryan Shear, managing partner for PMG, told The Atlanta Journal-Constitution earlier this year. “But the process was disorganized and inefficient. We realized we could make living with roommates better by providing the furnishings, splitting the bills and filling any vacancies. That gave us the ability to offer a lower introductory rent than traditional buildings.”

Shear said Society Atlanta’s rents will be based on current market trends, but he said allowing more renters to split costs and share units will provide more affordable options. According to Atlanta real estate services firm Berkadia, the average rent in Midtown is $2,170, the most expensive of the city’s submarkets.

Designed by architecture firm Cooper Carry, Society Atlanta will feature multiple amenities, including a pool deck, a co-working space with private conference rooms and a gym. Juneau Construction Company, the project’s general contractor, broke ground in May and is expected to finish the building in late 2024.

The loan was provided by Related Fund Management and “a major U.S. life insurance company,” according to PMG.

Credit: PMG

Credit: PMG