ATLANTA (September 6, 2018) – Columbia Residential has purchased Capitol View Apartments, located near a primary entrance to the Atlanta BeltLine’s Westside Trail in the Adair Park neighborhood. The southwest Atlanta complex will be restored and preserved, creating a high-quality affordable community directly on the BeltLine — a planned 22-mile loop of greenspace, pathways and modern streetcar designed to connect 45 intown Atlanta neighborhoods.
Originally built in 1948, Capitol View currently consists of 120 units at Metropolitan Parkway and University Avenue. Redevelopment plans will focus on sustainable renovation and construction in a manner compatible with preserving the history of the community. The one- and two-bedroom apartment homes will serve families and individuals earning 50 percent to 70 percent of area median income in a location where development pressure and revitalization are putting affordable housing out of reach for many families.
“The preservation of Capitol View represents what can be accomplished when local public-private partnerships and philanthropic organizations collaborate around their goals of preserving and sustaining affordable housing in revitalizing communities,” said Natallie Keiser, a senior associate at the Annie E. Casey Foundation’s Atlanta Civic Site. “As progress on the BeltLine continues, it’s more important than ever to intentionally create and preserve quality, affordable housing options for existing residents.”
The development plan calls for sustainable, energy efficient housing updated to today’s standards with accessible community services that will enhance lives and serve families for years to come. Renovations will incorporate new building systems, interiors, amenities and spaces that maintain the historic character while providing a quality living experience.
Columbia Residential’s acquisition and historic renovation of Capitol View is a collaborative effort with the Annie E. Casey Foundation, Enterprise Community Loan Fund (a subsidiary of Enterprise Community Partners, Inc.), Invest Atlanta and the Georgia Department of Community Affairs (DCA) to revitalize and transform the property.
“At DCA we are focused on creating communities with opportunities — neighborhoods that connect residents with transportation, services, schools, and jobs,” said Carmen Chubb, Deputy Commission for Housing at DCA. “In Atlanta, there’s a growing need for affordable housing. At DCA, we welcome the opportunity that the housing tax credit offers to partner with the private sector and create affordable housing with excellent access to services.”
The purchase of Capitol View Apartments was made possible through a $5 million acquisition loan from Enterprise Community Loan Fund with a guarantee by the Casey Foundation, a $1.5 million in Housing Opportunity Bond financing from City of Atlanta through 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 and a range of local and state housing program resources, as well as private investment.
Columbia Residential will manage the community and provide services to residents in the pre-construction period and following renovations.
“Enterprise Community Partners and Enterprise Community Loan Fund are excited to be a partner in lending solutions for the preservation of affordable housing,” said Meaghan Shannon-Vlkovic, vice president and Southeast market leader for Enterprise’s Community Partners. “We recognize that coordination of public and private partnerships, strategy and capital will be critical to maintain affordability in emerging communities.”
Located 10 minutes southwest of Downtown Atlanta and just steps from the Westside Trail, the area surrounding Capitol View is emerging. In recent years, homes along or near the proposed infrastructure have seen a dramatic increase in prices. In Adair Park, historic bungalows dating back to the early 1900s have recently set record high prices above $400,000, though data shows that the median-priced home in Atlanta is approximately $230,000. The Annie E. Casey Foundation and Columbia Core Partners have kicked off construction on the first phase of Pittsburgh Yards, a multi-faceted development project along the BeltLine’s Southside Trail that aims to spur a more equitable distribution of income, wealth, jobs and entrepreneurship opportunities for residents in southwest Atlanta.
“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 housing in our community.”
While full completion for the BeltLine is anticipated for 2030, 11 miles of trails are already open. Last fall, the three-mile, multi-use Westside Trail opened to the public and in spring 2018, the city of Atlanta acquired more than four miles of former railroad corridor needed to complete the Southside Trail, which forms the western edge of the Capitol View property.
“Projects like Capital View Apartments represent more than preserving affordable housing alone, they are a commitment to our historic communities and residents for generations to come,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “We are proud to support this project with Housing Opportunity Bond financing and look forward to working with all partners involved to ensure existing residents have the opportunity to remain in the neighborhoods they helped to build.”
Renovation planning is currently underway with construction expected to begin in mid-2019.
About Columbia Residential
Columbia Residential is an integrated real estate firm comprised of master planning, development, project management, construction managements, property and asset management and tax credit compliance with a focus on mixed-finance, multifamily rental properties. Based in Atlanta, since 1991, Columbia Residential creates communities with purposeful architectural design, sustainable construction and a sincere commitment to the community, its surrounding neighborhood and, most importantly, residents. Since its founding, Columbia Residential has developed over 7,500 affordable and mixed-income homes in Atlanta, around Georgia and in several surrounding states. www.columbiares.com
About Enterprise Community Partners
Enterprise Community Partners is a proven and powerful nonprofit that improves communities and people’s lives by making well-designed homes affordable. Enterprise brings together the nationwide know-how, partners, policy leadership and investments to multiple the impact of local affordable housing development. Over 35 years, Enterprise has created nearly 529,000 homes, invested $36 billion and touched millions of lives. www.enterprisecommunity.org
Enterprise Community Loan Fund, Inc. (ECLF) is a high performing national community development financial institution (CDFI), certified in 1997 by the CDFI Fund, and the lending arm of Enterprise Community Partners. ECLF has invested more than $1.7 billion, including in the development or renovation of over 109,000 affordable homes nationwide, the provision of 15,000 educational seats, and health care centers that have enabled 450,000 patient visits.
About the Annie E. Casey Foundation
The Annie E. Casey Foundation is a private philanthropy that creates a brighter future for the nation’s children by developing solutions to strengthen families, build paths to economic opportunity and transform struggling communities into safer and healthier places to live, work and grow. www.aecf.org
About Georgia Department of Community Affairs
The Georgia Department of Community Affairs (DCA) partners with communities to build strong and vibrant neighborhoods, commercial and industrial areas through community and economic development, local government assistance, and safe and affordable housing. Using state and federal resources, DCA helps communities spur private job creation, implement planning, develop downtowns, generate affordable housing solutions and promote volunteerism. DCA also helps qualified Georgians with low and moderate incomes buy homes, rent housing and prevent foreclosure and homelessness. www.dca.ga.gov