(BPRW) ATLANTA DEVELOPERS PARTNER ON NEW ART DECO PROJECT TO CREATE 40 FULLY FURNISHED, ATTAINABLE RENT APARTMENTS IN ATLANTA’S HUNTER HILLS
A 60-year-old apartment complex near the planned Westside expansion of the Atlanta Beltline is being converted into workforce housing.
(Black PR Wire) ATLANTA – Miles Alexander III at Alexander Goshen along with partners Brian McCarthy at Tenth Street Ventures and Richard Taylor with ARRC Capital Partners have purchased 1200 Mobile St., a 20-unit, garden-style apartment complex in the Hunter Hills neighborhood just West of downtown Atlanta. Atlanta Affordable Housing Fund (AAHF) provided the senior loan for the project, while The American South Real Estate Fund (ASREF) provided equity.
The team plans to convert the property into 40 studio apartments, which will be fully furnished, all of which will be offered for attainable rents at 60 percent of Area Median Income (AMI). The team closed on the project April 19, 2021, and are using no subsidies to create this attainable housing.
Miles Alexander III, principal at Alexander Goshen, added, “We want to bring a creative edge to attainable living in the city of Atlanta. Through the use of art and design, we’re creating a new standard of affordable living.”
“We will be making people proud of where they live, incorporating a substantial amount of art and design into the apartment homes,” said Brian McCarthy, a principal at TSV. “Drastically reducing the costs of moving in and moving out through fully furnishing the homes, which is one of the hardest and most costly parts of moving.
Alexander Goshen, a well-capitalized, privately owned real estate development company. The firm’s primary focus is adding value to real estate through strategic added value acquisitions, re-development, and vertical development. This includes assisted living, multifamily, and mixed-use assets.
ASREF, a joint venture between Strategic Development Solutions and Vintage Realty Company,
is an impact fund that seeks to finance projects that positively impact low-income and moderate-income communities in need of economic and community development. ASREF is focused on 10 states across the Southern U.S. and provides equity, preferred equity and mezzanine debt for third-party real estate developers.
Built in 1960, 1200 Mobile St. consists of two apartment buildings totaling 11,848 square feet in Hunter Hills, a neighborhood that came to life in the 1940s and 1950s as one of the few planned Black communities of its time, attracting both blue- and white-collar home owners to its traditional cottages and ranch style houses.
Future residents of 1200 Mobile will live on the planned Westside expansion of the Atlanta BeltLine, and will be close to MARTA’s West Lake station, nearby interstates, the Quarry Yards development and several planned parks.
Patty Brubaker from Keller Williams’ The Property Guys of Atlanta team was the realtor and Yakhin Israel from Twin Pillar Capital arranged the financing.
Ashani O’Mard, executive director of AAHF, also a social impact fund, said, “We’re excited about how this team is bringing innovative solutions to Atlanta’s housing crisis.”
AAHF’s mission is to raise and deploy $25 million in low-cost capital while generating a modest return to its investors. The fund offers a mix of debt and preferred equity to qualified developers and sponsors who are creating or preserving affordable housing that might not otherwise be developed. The fund has raised $13.1 million from foundations, organizations and individuals to date, of which about $6.5 million has been committed to nonprofit and mission-driven developers.
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