iStar Financial Brings in the City's Highest Volume of Sales at the Residences
at Mandarin Oriental, Atlanta
ATLANTA, July 24, 2014 (GLOBE NEWSWIRE) -- iStar Residential, a division of
iStar Financial Inc. (NYSE:STAR), is pleased to announce nearly $16 million in
sales in the first two quarters of 2014, more than any other residence
building in Atlanta. Three additional residences are under construction and
the sales will close this fall.
"The Residences at Mandarin Oriental, Atlanta are surpassing every other
luxury residence property in the market in the number and velocity of sales,
as well as price per square foot," said John Kubicko, senior vice president
for iStar Financial. "It's truly unlike any other luxury residence building in
the city. Both local and international buyers are expressing interest in The
Residences, and are ultimately choosing to live here."
After a period of time with little sales activity, The Residences are now in
high demand as a result of the new sales and marketing team Karen Rodriguez,
associate broker for Dorsey Alston Realtors, has put in place. Armed with
fresh ideas, new messaging and a new direction for the project, Rodriguez and
her team have transformed The Residences into one of the most sought-after
luxury residence buildings in the city.
"We were confident that once we implemented our strategy the project would be
a success," said Rodriguez, who successfully sold out the $100 million
Ritz-Carlton Residences project before joining The Residences at Mandarin
Oriental, Atlanta. "My team has a proven track record and we were ecstatic to
be able to come in and do what we do best, which is sell luxury high
condominiums for top dollar in the shortest amount of time possible."
The sales figures and renewed interest have also led to The Residences taking
back five floors that were intended for hotel use. Plans have been approved
and construction is already underway for the 10 additional residences. Each
floor features a maximum of two residences, offering ultimate privacy and
security for homeowners.Residences range from 3,000 square feet to 5,100
square feet for a full floor.
"We are excited at how quickly the Atlanta market reacted to the new direction
of the property," Rodriguez added. "We are selling them almost faster than we
can build them, which is a good problem to have."
Between the fresh contemporary interiors and huge expansive open floor plans
designed by Harrison Design, The Residences at Mandarin Oriental, Atlanta have
distinguished themselves from the traditional and more typical interiors found
in most surrounding buildings. Featuring modern designs, high quality finishes
and access to the hotel's five-star amenities, the luxury property is on track
to remain Atlanta's top selling residence building.
For more information on The Residences at Mandarin Oriental, Atlanta visit
About iStar Residential
iStar Residential is one of the largest investors in luxury condominium,
multifamily and master-planned residential developments throughout the United
States, having financed and invested in $10 billion of residential projects
since 1993. iStar Residential's portfolio has included interests in over
18,000 condominium units in the nation's top markets and 65,000 acres in
master planned communities having the potential for an estimated 50,000 single
family and multifamily units. The Company's unique, fully integrated platform
extends from property entitlement and development to construction, bridge and
long-term financing through asset servicing, property and portfolio
management. iStar Residential is a division of iStar Financial, a $7 billion
finance and investment company focused on the real estate industry and traded
on the New York Stock Exchange under the symbol "STAR." For more information,
About iStar Financial Inc.
iStar Financial Inc. (NYSE:STAR) is a fully integrated finance and investment
company focused on the state industry. The company provides custom-tailored
investment capital to high-end private and corporate owners of real estate and
invests directly across a range of real estate sectors. iStar Financial, which
is taxed as a real estate investment trust ("REIT"), has invested more than
$35 billion over the past two decades. Additional information on iStar
Financial is available on the company's website at www.istarfinancial.com.
About Mandarin Oriental Hotel Group
Mandarin Oriental Hotel Group is the award-winning owner and operator of some
of the most luxurious hotels, resorts and residences. Having grown from a
well-respected Asian hotel company into a global brand, the Group now
operates, or has under development, 44 hotels representing close to 11,000
rooms in 25 countries, with 20 hotels in Asia, ten in The Americas and 14 in
Europe, Middle East and North Africa. In addition, the Group operates or has
under development, 13 Residences at Mandarin Oriental connected to its
CONTACT: Media contacts:
Tony Wilbert, The Wilbert Group
Suong Nguyen, The Wilbert Group
iStar Financial logo
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