A Texas developer made one of the year’s most expensive real estate purchases, buying a parking lot in one of the hottest areas of Midtown.
LV Collective paid $19.3 million to acquire the 1-acre parking lot at 736 Peachtree St., two blocks north of the Fox Theatre, according to Fulton County property records. The developer plans to build 215 units of student housing.
First reported by the Atlanta Business Chronicle, the transaction amounts to $461 per square foot, which the newspaper said is the second most expensive Midtown sale this year after Blackstone’s acquisition of the Ellington Midtown apartment complex. LV Collective did not use acquisition financing, the Chronicle reported.
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LV Collective first presented its intention to develop the in August 2022. The firm pitched a 37-story tower, which would include 480 market-rate apartments. However, LV Collective scrapped that plan, presenting an alternative 19-story student housing concept to the Midtown Development Review Committee in July.
A LV Collective spokesperson declined to comment to The Atlanta Journal-Constitution about the acquisition or the shifting vision of the project. Chris Johnson, LV Collective’s executive vice president of development, previously told the Chronicle the “amount of classroom space within walking distance of this particular spot” prompted the change.
LV Collective plans to break ground later this fall. The project will be the firm’s second student housing project in Midtown, following an 168-unit building along Spring Street that was completed earlier this summer.