ATLANTA — Woda Coooper Cos. Inc. and Parallel Housing Inc. have delivered Stanton Park Apartments, a 56-unit affordable housing community in Atlanta. The property is located at 1056 Hank Aaron Drive in the city’s Peoplestown neighborhood, which is situated near the Atlanta BeltLine’s Southside Trail. Stanton Park features 36 one-bedroom apartments and 20 two-bedroom units that are reserved for households earning 30 to 80 percent of the area median income (AMI). Ten units are reserved with project-based vouchers for residents who experienced homelessness.
Financing included a $1 million loan from Invest Atlanta, the City of Atlanta’s economic development authority; a $6.5 million tax-exempt bond from the Urban Residential Finance Authority; capital investments from Atlanta BeltLine Inc.; LIHTC equity from Walker & Dunlop ($5.2 million) and Sugar Creek Capital ($3.5 million); a construction loan from Summit Community Bank; and a $400,000 grant from Partners for Home, an entity comprising Atlanta-based organizations that address homelessness in the city.
Stanton Park’s amenities include a multipurpose room with kitchenette, central laundry, computer room, fitness facility, indoor bike storage and a picnic area with tables and grills.
The project team includes architect Hooker DeJong, civil engineer Long Engineering, general contractor Woda Construction Inc. and property manager Woda Management & Real Estate. The Fulton County Department of Behavioral Health and Developmental Disabilities has agreed to provide support service for the 10 voucher households for 10 years.