“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.