A 376-unit apartment tower dubbed Momentum Midtown Tower in Atlanta, the construction of which began in 2021 has finally topped out. Recently, the joint venture partners, Toll Brothers Apartment Living and PGIM Real Estate hosted an event to mark the project’s milestone.
At the ceremony, Toll Brothers’ President, John McCullough said that Momentum Midtown was their fourth luxury multifamily community in the capital of the U.S. state of Georgia.
McCullough also pointed out that the city is a rapidly growing market, which is favorable for such projects. Therefore he said his company is looking forward to bringing new opportunities to attract the highly skilled workforce of the area.
Overview of the Momentum Midtown Tower in Atlanta
The 36-storey high-rise rental apartment features a mix of studio, one, two, and three-bedroom floor plans. All units will be furnished with stainless steel appliances, quartz countertops, custom-made cabinetry, and smart home features.
In addition, Momentum Midtown Tower in Atlanta features shared amenities such as an outdoor bar, dining room, exhibition kitchen, theater, and game room. What’s more, residents will also have access to a sky lounge, resort-style rooftop pool, and lounge with cabanas.
There will be co-working spaces, a club room, a fitness center, a dog park, and a garage with 435 parking spots.
The Momentum Midtown Tower is set within the heart of Atlanta’s vibrant Midtown neighborhood. Particularly it is located at 1018 W Peachtree Street NW on a 0.83-acre site.
Due to this location, residents will benefit from convenient access to several of the location’s major transportation corridors, employment centers, and employers. I-75/85, MARTA rail stations, GA-400, and Hartsfield Jackson International Airport are easily accessible from the Momentum Midtown Tower.
FORTUNE 500 companies within the vicinity include Google, NCR, AT&T, and Coca-Cola. Additionally, the property is adjacent to the Georgia Institute of Technology, which places it at the center of Atlanta’s tech innovation community.
Project funding and management
The development partners used a $96 million construction loan facility from Wells Fargo Bank to fund the Momentum Midtown project. However, it was Toll Brothers’ in-house Finance Department that arranged the debt and equity financing.
Once the construction is complete, Toll Brothers Apartment Living will manage all the required marketing, leasing, and property management.