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Multifamily Markets: Atlanta
While only the 38th largest city in the United States, Atlanta is booming with multifamily development. Of the 42,000 units in development in the MSA, more than half are from the Atlanta/Fulton submarket, making it the fourth most active submarket in the nation.
The city is growing rapidly, and it’s increasingly recognized as a world-class city. It boasts one of the best theater districts in America, centered around the Historic Fox Theatre, a landmark on the National Register of Historic Places. It is home to one of the world’s largest aquariums, the well-regarded High Museum of Art, and the extensive Atlanta Botanical Garden. According to U.S. News & World Report’s rankings, it offers the 10th best nightlife scene in America, and is the 9th most exciting food city in the country according to Zagat.
Atlanta has also had a number of urban revitalization projects come to fruition in the last several years, and its leaders have more plans to improve the city. A site that was formerly home to several industrial buildings and a police station known as “City Hall East” has been reborn as “Ponce City Market”. Owned by Atlanta-based developer Jamestown Properties, Ponce City has been referred to as one of the “World’s Coolest New Tourist Attractions” by Travel + Leisure and received an Award for Excellence from the Global Land Institute. Ponce City Market boasts easy access to the rail-to-trails Atlanta BeltLine project, an expansive food court, and a successful residential component.
With a rent-to-income ratio around 25%, Atlanta is among the most affordable of the big cities in the country. It is also one of the best cities in the nation to find a job, and is home to the headquarters of household names including Coca-Cola, Delta, and Home Depot. Additionally, recent tax incentives have made Atlanta a major filming location, and shows including Stranger Things, The Walking Dead, and the appropriately named Atlanta are all shot in the city.