A 6.5-acre tract of prime Buckhead real estate, on Pharr Road across from The Streets of Buckhead development site, was recently sold to multifamily developer JLB Partners LP for $10 million.
The lots, which include nine buildings at 211 Pharr Road, 225 Pharr Road and 235 Pharr Road, along with a 72-unit apartment complex at 18 Peachtree Avenue, were sold by 235 Pharr Road, Inc., according to John Haynes of Resource Real Estate Partners, who brokered the deal.
The asking price for the properties was $11.5 million.
The land has approximately 400 feet of frontage on Pharr Road and 120 feet on Peachtree Avenue. It is zoned for up to 1.2 million square feet of mixed-use development, according to Atlanta-based Resource Real Estate Partners.
Reports are that JLB is considering a new project with at least 300 apartments on the property and could begin construction as early as next year.
JLB has reported leasing about 70 percent of the units at Eon at Lindbergh in Buckhead, which it secured last December with a deed in lieu of foreclosure. Eon was originally launched as a midrise condominium project by Dawson Co.