The influx of single-family home development on Atlanta’s eastside is set to continue at a collection of properties that straddles the line between Kirkwood and East Lake.
The lots had been cobbled together by a local family who intends to use proceeds as a generational gift, the deal’s broker tells Urbanize Atlanta.
The six properties in question, totaling 1.42 acres, are located where Cottage Grove Avenue meets first 1st Avenue, just north of Drew Charter School. The Bixton single-family home project developed by Empire Communities several years ago is across the street, and the Hosea + 2nd food and retail hub is about a block to the northeast.
Location of the properties in question in relation to area landmarks such as East Lake Golf Club and Drew Charter School. Google Maps
Ted Bradford, a broker and developer with Gene Kansas Commercial Real Estate, says homebuilder Spencer-Love Homes bought the properties for $1.6 million in a sale that closed last week.
Nearby, Spencer-Love Homes previously developed a five-home project called 5 at Oakview, located about two blocks west in Kirkwood. All of those houses traded for more than $1.1 million, records show.
Keller Knapp Realty agent Jonathan Rich, who represented the homebuilder, says the sites will be redeveloped as single-family houses but specific plans have yet to be compiled.
The triangular edge of the Kirkwood portion of the site. Google Maps
Breakdown of the six home sites in question, straddling the 1st Avenue line between Kirkwood (top) and East Lake. Gene Kansas Commercial Real Estate/LoopNet
According to the properties’ LoopNet listing, current zoning allows for six homes total on both sides of 1st Avenue.
Bradford noted the sellers, Farris and Suezelle Anderson, moved to their house at the intersection in 1940 and acquired adjacent properties over the course of 80 years as an investment for their children and grandchildren.
“The best part of this project was getting to know the Anderson family and their deep history in the neighborhood,” Bradford wrote via email. “This was their legacy. It was a very special thing to help the Andersons finish something that their family began almost 100 years ago.”
Marketing at the Kirkwood portion of the site in recent months. Courtesy of Ted Bradford
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