A rent-assisted apartment complex near east Atlanta's Pratt-Pullman train yards has been purchased in a partnership between two real estate firms.
Co-owners Jonathan Rose Companies and Atlanta-based Columbia Residential plan to redevelop Edgewood Court Apartments with an $18 million capital budget. The complex, which has a history of violence, was built in 1950.
Edgewood Court's 204 units are part of the federal Department of Housing and Urban Development's Section 8 program. The property's Section 8 contract is being renewed for 20 years, according to a press release.
The renovation will also add 18 affordable units designated for those making no more than 60 percent of the area’s median income. Other plans include a new community garden and playground, renovated building facades and a new leasing center with a gym and computer lab.
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Jim Grauley, co-founder and partner at Columbia Residential, said it’s “more important than ever to create and preserve quality and affordable communities for an underserved population.”
The Kirkwood-Edgewood area saw a 9.5 percent rent spike in 2016 and the median sale price for a home in Edgewood has tripled in the last five years, the press release said. In October, the neighborhoods were considered by a real estate expert as two of the five area neighborhoods gentrifying the fastest.
“Edgewood Court represents a terrific opportunity to work with residents and local stakeholders to revitalize and preserve this community amidst a rapidly transforming neighborhood,” said Nathan D. Taft, managing director of acquisitions at Jonathan Rose Companies.
The project will be financed largely through allocations from the Georgia Department of Community Affairs and Invest Atlanta. Capital One also provided $23.1 million in financing to fund the renovation and acquisition, according to a Jan. 29 press release.
Construction is expected to begin early this year, to be completed by early 2019.
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