ENSO: ATLANTA, GEORGIA
- Enso, a 330 unit, midrise luxury urban community was developed in 2009. The mixed-use, Class AA, LEED Certified Gold development features over 308,000 sf. of rentable residential space.
- The property is located directly on the corridor of the Atlanta Beltline – a $2.8 billion redevelopment providing a network of public parks, multi-use trails and transit.
- Our Partners: Regions Bank & J.P. Morgan
Atlanta was hit hard by the recession and the development pipeline slowed to a near halt in 2009 and 2010. Recognizing the imminent significance of supply-side dearth caused by the scarcity of anticipated apartment starts in 2010 and 2011, Enso was significant because it represented the only start in in its submarket in the three year recovery period (2009 – 2011).
- The asset was designed to feature the most contemporary, green-minded, and desirable property amenities.
- Enso was completed in 2009.
THE BOTTOM LINE
Enso’s development costs totaled $40.5 MM and held for four years. It was sold in 2011 for $45.75 MM. The sale yielded an approximate deallevel IRR of 17% and approximate multiple of 1.7.