Multi-Family Developer Brings Luxury Mixed-Use Community to the Corner of Piedmont and Lenox
ATLANTA – July 31, 2018 – Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced that construction of Modera by Mill Creek – Prominence has begun in Atlanta’s prospering Buckhead neighborhood. The acquisition and development of the property is being done in partnership with affiliates of Wexford Capital LP, an investment advisor and investor based out of West Palm Beach, Fla. and Greenwich, Conn.
Slated for delivery in 2020, Modera Prominence broke ground in early July at 3699 Lenox Road. The seven-story mixed-use community will feature 319 apartment homes comprised of one-, two- and three-bedroom offerings, in addition to 21,000 square feet of creative retail space on the ground floor.
“Expanding further into Buckhead has been a goal of ours since entering the Atlanta market, and the location of Modera Prominence is the perfect example of Mill Creek’s mission to provide a convenient and walkable living experience,” says Harvey Wadsworth, Managing Director at Mill Creek. “The neighborhood is booming with some of the city’s best restaurants, entertainment and retail – with dozens more exciting and cutting-edge projects currently in the pipeline. We’re looking forward to being a part of the area’s continued growth.”
Modera Prominence will provide an upscale and innovative living experience built to complement the already bustling nature of the Buckhead financial district. Nestled between Lenox Square, Phipps Plaza and the Atlanta Tech Village, the community will provide residents walkable access to over 300 of the world’s most prestigious retailers, entertainment venues and a host of highly regarded employers. In the coming years, the area will also see the projected expansion of Phipps Plaza – including a high-end office building, Nobu Hotel and Restaurant, active green spaces and a multi-level LifeTime fitness concept – as well as the completion of the PATH 400 greenway and other notable concepts, such as Jeffrey Atlanta, Ecco Buckhead and the Grand Lux Café.
In addition to the draw of the surrounding neighborhood, Modera Prominence will present a unique set of luxury amenities designed to foster an active, cosmopolitan lifestyle. The community’s streetscape along Lenox Road will feature a coworking space, ideal for the growing number of millennials with flexible work hours or who are part of Atlanta’s booming community of start-up businesses.
“Mill Creek strives to push the envelope when it comes to our amenities offerings,” says Wadsworth. “We recognize the need for flex spaces in the modern work environment and want our residents to have somewhere beyond their apartment home that can serve as a convenient, practical workspace.”
The entry level of the building will also offer residents an easily accessible bike lounge, encouraging a more eco-friendly commute, as well as a dog wash station for four-legged friends. Above the bustling retail plaza, a second-floor resort-style pool with cabanas and lounge areas will overlook the forthcoming businesses, and a membership grade fitness center on the plaza level will feature a yoga and spin studio for resident use. Modera Prominence will also house a sixth-floor sky lounge, which will serve as both a hangout and potential coworking space. Those in search of a more private respite will be drawn to the seventh-floor loft-style homes, each of which will feature an expansive rooftop terrace complete with shade trellises and outdoor lighting, filling a need for private rooftop space in the market.
Modera Prominence, a joint venture partnership between Mill Creek Residential and Wexford Capital LP, is set to begin preleasing in the spring of 2020. Bank of America Merrill Lynch provided the construction loan.
About Wexford Capital LP
Wexford Capital LP is an investment advisor with offices in West Palm Beach, FL and Greenwich, CT. While Wexford invests in many different sectors, the firm has particular expertise in bankruptcy/distressed, real estate, energy/natural resources, technology/telecommunications and transportation. Currently, the real estate portfolio held by affiliates of Wexford is in excess of $800 million of market value and since the start of 2011 over $400 million of equity has been deployed into real estate. Wexford prides itself on its independent thinking and opportunistic investment style. For more information, please visit www.Wexford.com.