Kaplan Residential Sells Mixed-Use Apartment Community in Metro Atlanta for $59.2M
SANDY SPRINGS, GA. — Kaplan Residential, a multifamily developer with offices in Atlanta and Miami, has sold Square One, a 203-unit mixed-use multifamily community in Sandy Springs. Atlanta-based Audubon purchased Square One for $59.2 million.
Located at 6050 Roswell Road, Square One encompasses studios starting from 620 square feet to two-bedroom units spanning 1,361 square feet. Unit interiors feature stainless steel appliances, full-size washers and dryers, nine- and 10-foot ceilings, granite kitchen islands, subway tile in kitchens and bathrooms and walk-in closets. Community amenities include a rooftop bar and pool, coffee bar, onsite dog park, preferred parking for energy-efficient cars and a fitness center. The property also includes 10,000 square feet of retail space on the ground level leased to a wax salon, nail salon, gym and Vietnamese restaurant.
George Morgan and Candy Morgan of George S. Morgan Development Co. Inc. partnered with Kaplan Residential for the entirety of the project. The firm enlisted architectural firm Niles Bolton Associates to design the shared amenity spaces, units and overall structure. Robert Stickel of Cushman & Wakefield represented the buyer in the transaction. Steven Kennedy of Seyfarth Shaw represented the seller.
Kaplan Residential opened the five-story property, which sits at the corner of Roswell Road and Hammond Drive, in 2017. The developer purchased the site in 2014 for $5.6 million.
Kaplan is pivoting away from traditional multifamily development to the emerging build-to-rent sector. The developer currently has two build-to-rent residential properties underway in metro Atlanta.