Woda Cooper Cos. and Parallel Housing celebrated the opening of a 56-unit community in Atlanta.
The co-developers teamed to build Stanton Park Apartments, which will provide affordable housing to residents earning between 30% and 80% of the area median income. Ten units, which are supported by project-based rental assistance from Atlanta Housing, will serve residents who have experienced homelessness.
“A city as diverse and progressive as ours needs more diverse and practical housing options like Stanton Park,” said mayor Andre Dickens. “Our hopes for a brighter future where housing affordability is the norm, not the exception, can only be accomplished by working together. Stanton Park is a great example of the exciting results that thoughtful collaboration can produce.”
Located in the Peoplestown neighborhood, the one- and two-bedroom apartments feature spacious floor plans with storage and modern kitchens with Energy Star appliances, including dishwashers. There are two units with features for residents with physical disabilities and one with features for those with sight/hearing disabilities; the entire development provides barrier-free access. In addition, it is certified LEED for Homes Silver.
Community amenities include a multipurpose room with a kitchenette, central laundry, a computer room, a fitness facility, indoor bike storage, and a picnic area with tables and grills. There is also an on-site management center.
Financing for the $14.2 million development included federal and state low-income housing tax credits allocated by the Georgia Department of Community Affairs, which also provided a permanent loan. Walker & Dunlop (formerly Alliant Capital) invested more than $5.2 million in exchange for federal tax credits. Sugar Creek Capital invested more than $3.5 million in exchange for the state credits.
The city’s economic development authority, Invest Atlanta, provided just under $1 million in a permanent loan. Stanton Park also benefited from a $6.5 million tax-exempt bond from the Urban Residential Finance Authority.
In addition, Atlanta BeltLine was a key partner. In partnership with Invest Atlanta, it provided essential capital investment to ensure affordable housing is a reality for Stanton Park residents. The development is located near the Southside BeltLine Trail, which provides recreation and fitness opportunities as well as equitable access to neighborhood amenities, said developers.
Partners for Home, part of a consortium of Atlanta organizations addressing homelessness, provided a $400,000 HomeFirst grant toward permanent financing, and Summit Community Bank provided a construction loan.
The Fulton County Department of Behavioral Health and Developmental Disabilities is also a project partner, providing supportive services to the residents of the 10 units receiving rental assistance.
Additional partners include architect Hooker DeJong and civil engineer Long Engineering. Woda Construction served as general contractor, and leasing and property management is handled by Woda Management & Real Estate.
