The Residences at Mandarin Oriental, Atlanta outpace all other luxury condo projects in the city
The Residences at Mandarin Oriental, Atlanta, owned by iStar (NYSE: STAR), are ending the year reporting impressive sales volume. The development team, including exclusive listing broker Karen Rodriguez, has achieved $13 million in sales in the fourth quarter. Rodriguez has closed on $60 million of units at The Residences since taking over the project in 2014.
The first six months of the year saw a pause in Buckhead luxury condo sales activity due to high volume of resale inventory, election year uncertainty and global market fluctuations. However, since the end of the third quarter The Residences has experienced an incredible increase in traffic and activity, leading to five new unit sales under contract with all but one pending, in just 30 days.
The Residences is approaching sellout with three living options currently available; including eight tower residences, a nearly 10,000-square-foot penthouse and two Maisonettes. The Maisonettes are a recently released product comprised of multi-level, villa-style living located adjacent to the hotel’s garden. This unique low-rise, full-service product is the first of its kind available to Atlanta homebuyers.
“Across the competitive landscape in the luxury condo market, The Residences is the only building to report meaningful sales in the fourth quarter,” said Rodriguez, founder of GROUP KORA with Berkshire Hathaway HomeServices Georgia Properties. “These new construction homes are continuing to sell at some of the market’s highest prices due to their quality, security and modern high-end design.”
For more information on The Residences at Mandarin Oriental, Atlanta, visit moresidencesatlanta.com.
About iStar
iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $35 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate. The Company has invested more than $10 billion in residential real estate projects throughout the United States, including interests in over 18,000 condominium units in the nation's top markets and 65,000 acres in master-planned communities having the potential for an estimated 50,000 single family and multifamily units. Additional information on iStar is available on its website atwww.istar.com.
About Mandarin Oriental Hotel Group
Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world’s most luxurious hotels, resorts and residences. Having grown from its Asian roots into a global brand, the Group now operates 29 hotels and eight residences in 19 countries and territories, with each property reflecting the Group’s oriental heritage and unique sense of place. Mandarin Oriental has a strong pipeline of hotels and residences under development, with the next hotel opening planned in Doha.
