Greystar Develops Multifamily Near Atlanta’s Assembly Studios

Greystar is moving forward with a 300-unit multifamily project in Chamblee, the latest residential addition to the growing Assembly Atlanta district.

The national real estate developer purchased 6.35 acres for $11.5 million ($1.8 million per acre) in January and plans to start construction next month on Marlowe Chamblee, a two-building apartment complex at Parsons Drive and Peachtree Boulevard, the Atlanta Business Chronicle reported. The project is slated for completion in summer 2027.

Marlowe Chamblee will be part of Chamblee Park, a nearly 31-acre mixed-use district under development by Toll Brothers a mile north of Assembly Atlanta.

The 135-acre Assembly Atlanta in suburban Doraville is anchored by a 50-acre film production campus and future entertainment retail. Future phases of Assembly Atlanta are expected to include e-gaming and convention spaces, boutique hotels and more residential development. Greystar’s project would add rooftops to the neighborhood.

Chamblee Park was initially planned to feature a mix of townhomes, single-family residences and apartments, but its developer, Pennsylvania builder Toll Brothers, later scrapped the multifamily component.

Greystar stepped in, adding Marlowe Chamblee to its expanding portfolio in metro Atlanta, where the firm manages more than 35,000 rental units.

Greystar ranks as the second-largest apartment management company in the region, the outlet said. Other Atlanta multifamily properties under its Marlowe brand are in South Fulton and Austell.

The development comes at a dynamic period for Atlanta’s multifamily market, which has seen rising net absorption since early 2023. Net absorption exceeded deliveries for the first time in three years in the fourth quarter, according to MMG Real Estate Advisors.

The previous surge in new apartment supply has left its mark, however, with the market’s overall occupancy rate hovering at 90 percent, slightly lower than the 10-year average of 93 percent. Occupancy rates are expected to be stable in the short term and increase over the next year as developments lease up, amid Atlanta’s growing population and expanding economy.

— Judah Duke