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Tuesday, December 8, 2015

The Williamsburg Aparment Property Sold

From: http://www.tonetoatl.com
 Demolition of large apartment complex likely to lead to insane number of new homes.

The Williamsburg Apartments, located near the intersection of Clairmont and North Druid Hills Roads, have been sold.

Atlanta-based TriBridge Residential sold the property last month to Atlanta based PulteGroup.  I first heard rumors of the proposed sale and redevelopment in September, but the the other shoe dropped late last month. 

Residents, many of whom are retirees, were informed November 30th that they must vacate the property "prior to February 1st 2016." Financial incentives are being offered to tenants on a sliding basis this month.  Those who vacate their apartments by December 18th will receive a $1,000 moving allowance as well as a 50% December rent rebate.  Tenants who vacate the property by December 31st will receive a $500 moving allowance and a 50% December rent rebate.  Those who don't vacate by the end of the year reportedly receive nothing. 
 Amazingly, when I spoke to a leasing representative at the complex in late September, they were still actively leasing and renewing leases.  For leasing and renewing to go on like business as usual seems rather cruel to those who might have just moved in less than 60 days ago and are now faced with another move. 

The 416 unit complex, built in 1965, sits on 37 acres within close proximity to Emory University, the CDC, VA, Decatur and both I-85 and US 78.  Currently, the project has access in/out from both Clairmont and North Druid Hills Roads, making the site especially convenient. 

On the Clairmont Road side of the apartment complex,  a former gas station and convenience store are also being targeted for redevelopment.  Current plans call for an approximately  27,000 square foot three story office building to be built on the one acre parcel.  At the corner of Clairmont and North Druid Hills Roads, a former Exxon gas station remains vacant and available.
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photo credit: google maps

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