A real estate giant has purchased an aging apartment complex near the Atlanta Beltline’s Westside Trail in Adair Park.
Columbia Residential bought Capitol View Apartments, which consists of 120 units at Metropolitan Parkway and University Avenue in southwest Atlanta. But in what affordable housing advocates will likely consider a win, the complex isn’t intended for the wealthy.
The one- and two-bedroom apartment homes will serve those earning 50 to 70 percent of area median income, a press release said. Plans for the circa-1948 complex call for new building systems, interiors and amenities that won’t alter its historic character.
Financing for both the property’s purchase and its forthcoming renovations were executed through public-private partnerships.
The purchase was made through a $5 million acquisition loan from Enterprise Community Loan Fund with a guarantee by the Annie E. Casey Foundation, $1.5 million in Housing Opportunity Bond financing from the city's economic development arm, Invest Atlanta, and a $1.5 million loan from the Georgia Housing and Finance Authority. The renovation will be financed through low-income housing tax credits, historic renovation tax credits, private investment and local and state housing program resources.
“I am so proud of Columbia Residential and the other great agencies in this collaboration of the jump start of a major corridor of redevelopment in District 12,” said Atlanta City Councilmember Joyce Sheperd. “This affordable housing development is truly an example of equity of housing in our community.”
Renovation planning is underway; construction is expected to begin in mid-2019. Columbia Residential will manage the complex and provide services to residents before and after renovations, the news release said.
The announcement was made days before Atlanta officials and partners celebrated the grand opening of Gateway Capitol View—a 162-unit affordable living complex about a mile from the Capitol View Apartments. All units, located near the Oakland City MARTA station, will be reserved for seniors age 55 and over with incomes lower than 60 percent of the area median income.