Joint Venture Acquires Affordable Housing Community in Atlanta for $25M, Plans $16.5M Renovation

by Alex Tostado

ATLANTA — A joint venture between Jonathan Rose Cos., Columbia Residential and SUMMECH Community Development Corp. has acquired City Views at Rosa Burney Park near downtown Atlanta. The Section 8 and low-income housing tax credit (LIHTC) community comprises 181 units reserved for residents earning 40, 60 or 80 percent of the area median income (AMI). City Views, which offers two- to five-bedroom floor plans, is situated at 259 Richardson St. SW, a mile from downtown Atlanta.

The new ownership is planning a $16.5 million upgrade, which will include new roofs, windows, elevators and façade. There will also be brick repairs and repainting, as well as improved Americans with Disabilities (ADA) accessibility, HVAC and plumbing. Apartment interiors will also be completely renovated, including new LVT flooring, kitchens, bathrooms, Energy Star appliances, low-flow plumbing fixtures and LED light fixtures. Additionally, several thousand square feet of community space that was previously closed off and used for storage will be reactivated, including a fitness center, craft room, package room, upgraded laundry facilities, community room with warming kitchen and free Wi-Fi, a computer learning center and updated management and resident services offices.

Residents will be temporarily relocated off-site on a rolling basis, in durations of fewer than 30 days each. Total renovations are expected to last 19 months. The seller was not disclosed.

You may also like