ANDP and Prestwick Development to develop a 58-unit apartment community in Capitol View neighborhood

 

More than 80% of 1055 Arden Avenue units to remain affordable for 65 years and six units targeted for permanent supportive housing. Underlying land for the project to remain permanently affordable for any future redevelopment.

 

 

ANDP is pleased to be partnering with Prestwick Development to develop a 58-unit apartment community at 1055 Arden Avenue SW in Atlanta's Capitol View neighborhood. The development is a part of ANDP's Closing the Gap plan to build or preserve 2,000 homes and apartments by 2025. 

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“Prestwick is committed to addressing housing needs with committed partners in metro Atlanta and beyond. The 1055 Arden development gives our team another opportunity to work with one of Atlanta’s most ardent affordable housing advocates. We are excited to be part of this effort to introduce deep affordability in comfortable apartment living,” said Edrick Harris of Prestwick Companies.

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The development includes 58 affordable and workforce housing apartments developed in part with Low Income Housing Tax Credits (LIHTC). Unit breakdown includes the following.

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• 10 units are targeted for market-rate rents

• 48 units to be preserved as affordable for 65 years.

• 20 of the 48 are targeted for households earning below 60% of AMI.

• 28 are targeted for households earning below 50% of AMI.

• Of the 28 units, six are targeted for permanent supportive housing

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"Our region continues to struggle to meet the housing affordability needs of low-income residents. We are proud to join Prestwick Development for another project to address this need," said ANDP President and CEO John O'Callaghan. "With this project, we are setting a new standard for permanent affordability."

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While LIHTC developments require 30 years of affordability, Prestwick and ANDP have committed to 65 years through an innovative land lease model. As the owner of the underlying land, ANDP has further committed to permanent affordability in any future site redevelopment.

 

Funding for 1055 Arden comes from several partners and sources, including:
 

• Permanent debt from Centrant Community Capital,

• $2 million from the Atlanta BeltLine Affordable Housing Trust Fund,

• A land note from ANDP,

• A construction loan and the Capital Magnet Fund from Reinvestment Fund,

• A grant from HomeFirst program for permanent supportive housing, including Project-Based Rental Assistance from Atlanta Housing and Supportive Services, provided by Fulton County,

• Georgia DCA - 9% LIHTC

• Enterprise Community Investments - Federal LIHTC investor.

• US Bank - State LITHC Investor

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1055 Arden will include 2,000 square feet of ground floor commercial space. Amenities will include a community room with a kitchen, fitness center, business center with computer stations, community garden, arts and crafts room, laundry room, a gazebo with picnic area and green space. The apartments will range in size from one bedroom to two bedrooms.

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ANDP's newest apartment construction is near Atlanta BeltLine's Westside Trail and even closer to a future trail spur. The project was a perfect fit for BeltLine's Affordable Housing Trust Fund.

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“We’re so excited about this new development that will provide needed housing and long-term affordability to people in this BeltLine-adjacent community, just steps from the Oakland City MARTA Station in Capitol View,” said Atlanta BeltLine, Inc. President & CEO Clyde Higgs.

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The construction of 1055 Arden moves ANDP closer to its goal of 2,000 homes and apartments by 2025. As of August 2022, 1,100 homes and apartments have been completed or are in pre-development. 

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Questions? Email us at comments@andpi.org. 

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ABOUT THE DEVELOPERS

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Atlanta Neighborhood Development Partnership, Inc. (ANDP) is a local nonprofit affordable housing organization founded in 1991 to address the diminishing supply of affordable housing in metro Atlanta. We develop, finance, and advocate for affordable housing at scale that promotes racial equity and healthy communities where families thrive. In the last decade, ANDP has developed more than 800 homes in partnership with private sector partners like Hadimon Construction to deliver quality affordable homes to low- and moderate-income families.

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Prestwick Development Company (“Prestwick”) is a full-service multifamily development company located in Atlanta, GA. The company has developed over 50 multifamily housing communities since 2008. It is currently in development of 1,500 units of workforce and senior housing throughout the Atlanta Metro area. Upon delivering units at 1055 Arden, Prestwick will have provided over 700 affordable units on the Atlanta BeltLine. The team is proud to provide market quality housing to its residents by promoting long term relationships with its partners and communities it serves.

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