Hank Luwisch, managing principal of Norso Companies, weighed the future multi-family residential opportunities in his home state of New Jersey against those in Atlanta and concluded, “Many people are leaving New Jersey for the Sunbelt. Even large corporations like the Mercedes-Benz headquarters left us for Sandy Springs. Positive trends are all pointing South.”
Enter son Adam, also a principal at Norso, who with his 10 years of experience on the corporate and finance side, wanted to join the family business, and is in the process of moving to Atlanta to manage the new projects here.
Adam, a graduate of George Washington University, said, “We are bullish on Atlanta. We can see the growth just by observing the traffic. That, plus the more scientific method of doing detailed feasibility studies. The banks really like that and respect our knowledge of comps and analyses like the number of days units stay on the market. In our way of thinking, the supply here is low against a healthy demand.”
Hank was born in Tel Aviv and immigrated to New York at age 6 to watch his hard- laboring father “work his butt off” starting a machine shop. After serving in the U.S. Navy, Hank packed in 40 years of self-made real estate experience in development, acquisitions, brokerage and management. He owns several affiliated real estate companies (commercial and residential) in New York and New Jersey, in addition to Georgia. Experience in navigating zoning and environmental regulations and working with all levels of municipal governments came in handy in sewer and road approval in the new Roswell development.
When it comes to who is boss, Hank said, “We are both bosses. We are a team who collaborates. Adam is smart and capable of bringing his own great ideas to the table.”
Their formula here so far has been mid-range price points for small to mid-size condos and townhomes in upscale neighborhoods. Their Johns Creek project with 49 townhomes sold out within a year at a modest starting price of $275,000.
Concurrently under construction is Parkside Estates in Roswell, a detached 45-unit townhome development off Holcomb Bridge Road in the $400,000 to $600,000 range. ”It’s a very cool location as we are well positioned near the Roswell Library and Arts Center complex.”
Adam is focused on The Dunhill on Peachtree Dunwoody Road, where we met atthe construction site. This winter, 19 condo units will hit the market starting at $400,000. “With a five-minute drive to Costco or a 10-minute walk to the MARTA station in the other direction, we expect to see an easy sell out to a mixture of demographics.” The Dunhill will have two- and three-bedroom flats, covered parking, a fitness center, coffee station, and sparkling covered pool, and will aim to retain an intimate feel where “you might get to know 18 other neighbors,” Adam said. “We will have a boutique feel in a private, gated community. Bottom line: Here the people are great, and the opportunities are plentiful.”