Less than a week after residents in Buckhead’s The Paces apartments were told they would have 30 days to move out, Camden Property Trust, which purchased the complex earlier this month, reversed itself and now is giving residents until Jan. 15 to find a new place to live.
On Aug. 17, BuckheadView reported that Houston-based Camden had notified residents of The Paces they would have to leave within 30 days of receiving a letter from the company and that demolition of the buildings on the 30-acre tract would be completed by the end of this year.
However, it now seems that Camden, which purchased The Paces complex for $39.3 million, apparently has put off plans for demolition of the apartment buildings until next year.
The Paces apartments are located at 77 East Andrews Drive and stretch along East Andrews all the way between West Paces Ferry to Roswell roads. The complex was developed decades ago by noted Buckhead developer John Grant and was owned by the John W. Grant Co. Trustees and Sun Trust Bank prior to the sale earlier this month.
Although residents had reportedly been told they would not receive any financial compensation from Camden, they now have been told they will not have to pay rent for the final month before moving out. The free month will be prorated, so that a resident moving out on Dec. 29 will receive 29 days free, while one leaving on Dec. 5 will get five days free, according to an announcement.
"To help offset your moving costs, your moving month at The Paces will be free when you provide us with advance written notice," a notice from Camden said. "To ensure ample time is being provided, your move will need to be completed on or before Jan. 15th, 2012."
Camden also is offering rent incentives to residents for 12 apartment communities the company owns in metro Atlanta, including the age-restricted Parc at Buckhead.