Mezzo, the 94-unit, 20-story tower at 2171 Peachtree Road, decided to change from condominiums to rental units. The apartments will be available this month at a starting price of $2,495 per month for a one-bedroom unit, with the average rental rate at about $2 per square foot.
Tivoli Properties President Scott Leventhal said: “Given the current state of the credit markets and challenges in obtaining mortgage financing, we decided to implement our rental plan, which was always contemplated, rather than lower prices to force a sale.”
Tivoli had about 10 percent pre-sales at Mezzo and returned those buyers’ money.
As a luxury apartment building, Tivoli can wait until the condo market strengthens and convert the building to a for-sale product or sell it as a leased-up building.