Greystar has acquired a former city-owned site in Chamblee with plans to deliver a new mixed-use multifamily community totaling 340 apartments. The company paid $11.5 million for approximately 7 acres at 5220 Peachtree, a property previously held by the city and sold through the Downtown Development Authority. Chamblee officials had selected Greystar and Vantage Realty Partners in 2024 to advance the project following a competitive process for the municipal land.
According to reporting cited from The Atlanta Business Chronicle, Greystar is partnering with Vantage Realty Partners on the development, which is envisioned as a blend of housing, retail and dining. The multifamily component is planned across three residential buildings and will offer a mix of studio, one-bedroom and two-bedroom floor plans, targeting a range of renter household types within a single walkable environment.
The planned community is part of a broader mixed-use vision for the site that incorporates both public and private elements. The development program includes an adjacent community park of roughly 1 acre, positioned to serve residents of the new buildings as well as the surrounding neighborhood. In addition, the plan calls for more than 29,000 square feet of ground-level retail and restaurant space, creating street-level activation and opportunities for neighborhood-serving tenants.
The land transaction formalizes the transfer of the property from public to private hands while keeping the city involved through its earlier selection of the development team. The Downtown Development Authority served as the seller in the deal, reflecting the municipality’s role in assembling and controlling the site before disposition. With the sale now complete, Greystar and Vantage Realty Partners are positioned to move the project into the construction phase.
Construction is scheduled to begin this month, marking the start of a multi-year build-out for the mixed-use community. The development team estimates that work will conclude by December 2028, establishing a long-term delivery timeline for the apartments, retail and public open space. As the project advances, it is expected to add new housing inventory, new commercial space and a public park to Chamblee’s urban fabric, building on the city’s efforts to guide redevelopment of former municipal land.
