Last week, we just closed on another Midtown Atlanta condo for Georgia Tech Parents that chose Georgia Tech Off Campus Housing for their GATech student. We realize that every family and every budget is different. You may be able to spend more for the newer, modern high rises that are within walking distance to Technology Square and the rest of the campus. But some parents ask us, “Are there good investments that we can still make and not spend a fortune?”   Yes there is.

Georgia Tech Off Campus Housing |Can We Still Buy A Midtown Atlanta Condo?

The answer to that question is a guarded “yes.”

An example of a Midtown Atlanta condominium community that is close to GATech and still affordable is Cornerstone Village. This community is comprised of 4 buildings, two which are historic and two that are newer construction. Most Georgia Tech parents desire to purchase a two bedroom so that their son or daughter can have a room mate who in turn helps make your mortgage payment.  As of this post writing, there is only ONE 2-bedroom listed in the building!

But let’s back up a bit and look at the sales history in the building so you can see where we were, and where we are headed!

Cornerstone Village took a hard hit in the real estate slide of 2009-2011. There were many foreclosures, but despite those, the homeowners association has remained strong, and kept the community financially stable. But from 2011 and forward, the prices have risen dramatically at Cornerstone Village, especially in the 1 bedroom homes. The chart to the left, shows the sale for 2011 in the building.  Yes, you could of bought a condo in Midtown Atlanta for $50,000-60,000!!!

But now, fast forward to 2013. Times have changed indeed. A smaller (635 sq. ft) home just closed for $124,000!! How’s THAT for a return on your investment! Below, the chart on the left shows the current Active Listings, Under Contract and Short Sales that are Under Contract. The chart on the right shows the homes sold so far in 2013.

The Question: “Can We Still Buy A Midtown Atlanta Condo?”  And the guarded “yes” answer…prices have risen dramatically and this could continue, or start to slow down significantly with the rise in interest rates. There certainly is limited inventory, which could help to keep the prices moving upwards.

Either way, now is the time to make your decision about Georgia Tech Off Campus housing. I’m also often asked about leasing the condo out. Currently the building does not have any leasing permits available, and the wait list is probably around 4+ years before you would clear it and obtain a leasing permit. That said, if you did purchase now, have your son/daughter attend school for 4 years (or take the 6 year plan like I did!) you very well may, I repeat may clear the leasing permit list. I can tell you from a rental standpoint, that Cornerstone Village is an easy building to rent! One bedrooms rent for $1100-1200 and two bedroom comand $1600 and up, depending on the floor plan.

Georgia Tech Parents and Off Campus Housing. YES, you can still buy a Midtown Atlanta condo at Cornerstone Village!! If you are looking to make a Midtown Atlanta condo purchase, or need more information about the Georgia Tech Off Campus Housing options available, please complete the form below and we will be in contact with you!

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If you answered No to this question, Please click on the Preferred Vendor list Above once you have completed this form. There you will find contact information and links to our recommended Mortgage Lenders.

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I attended a meeting of the Design Review Committee (DRC) of Midtown Alliance back in February. At that time this project was presented, and was sent back to the drawing board for some modifications. Construction has not started yet, but I suspect we will see the crane soon on the corner of Spring and 8th Streets.

Here is a drawing of the proposed 20 story building. (I recall at the DRC meeting it was going to be higher than that? Maybe not.)

University House College Apartments at Georgia Tech

OAK BROOK, Ill.–(BUSINESS WIRE)–July 11, 2013–

Inland American Communities Group, Inc. (“IAC”), a wholly owned subsidiary of Inland American Real Estate Trust, Inc., has announced that plans are underway for the newest University House property, which will be located within walking distance of the Georgia Institute of Technology (“Georgia Tech”) in Atlanta. Developed in partnership with Ambling University Development Group, LLC, the student housing community will be located on the northwest corner of Spring Street and 8th Street in Midtown and is slated to open for the fall 2015 academic year.

“The team at IAC places a high emphasis on developing best-in-class amenities to distinguish University House communities from the competition,” said David Pierce, senior vice president of development at IAC. “Based on our experience, we recognize the importance of designing each space for the way students really live, and we look forward to providing this premium housing option for the Georgia Tech community.”

The 20-story, mixed-use development will feature 268 units totaling 706 beds with studio, one-, two-, three- and four- bedroom floor plans. Many units will include balconies with views of Midtown, the Georgia Tech campus and downtown Atlanta. Community amenities will include a resort-style pool on an elevated terrace, a secured parking garage, business and fitness centers and a city-view sky lounge on the top floor.

“We are proud to be developing our next project in the heart of Midtown, ” said Travis Roberts, president of IAC. “This development will be a great addition to our growing portfolio of student housing properties nationwide.”

IAC, which currently manages over 7,000 beds of student housing nationwide, will operate the property upon completion.

About Inland American Communities

Inland American Communities Group, Inc. (IAC) is a development, acquisition and management firm dedicated to the creation of authentic communities in university markets across the United States. IAC was formed in 2007 as a wholly-owned subsidiary of Inland American Real Estate Trust, Inc. The company is headquartered in Dallas. For more information on Inland American Communities, visit www.inlandac.com.

About Inland American Real Estate Trust, Inc.

Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of March 31, 2013 Inland American owned 759 properties, representing approximately 45 million square feet of retail, industrial and office properties, 4,919 conventional multi-family units, 5,332 student housing beds and 16,407 hotel rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.