Jonathan Rose Companies, in partnership with Columbia Residential, has purchased Edgewood Court Apartments in Atlanta’s Edgewood neighborhood.
Edgewood Court will be redeveloped with a $18 million capital budget. The garden-style community will continue to be affordable, with 100 percent of units designated for those at or below 60 percent area median income.
“Edgewood Court represents a terrific opportunity to work with residents and local stakeholders to revitalize and preserve this community amidst a rapidly transforming neighborhood,” said Nathan D. Taft, Managing Director of Acquisitions at Jonathan Rose Companies. “For nearly three decades, our firm has been committed to preserving affordable housing nationally—we are pleased to work with Columbia to further our mission in Atlanta and to have received the support of Invest Atlanta and Georgia DCA to purchase and transform the property into a community of opportunity.”
Jonathan Rose Companies has partnered with Atlanta-based Columbia Residential as a co-owner, co-developer and long-term property manager. The project will be financed largely through an allocation of 4 percent low-income housing tax credits, issued by Georgia Department of Community Affairs, and tax-exempt bonds issued by Invest Atlanta.
Originally built in 1950, then substantially rehabbed in 1981, Edgewood Court currently consists of 204 units, all part of the federal HUD Section 8 program. Following the renovation, Edgewood Court will consist of 222 residences, with 204 remaining Section 8 and the rest as affordable tax credit units. The property’s Section 8 contract is being renewed for 20 years.
“At a crucial moment when Atlanta and the rest of the country is facing an affordable housing crisis, it’s more important than ever to create and preserve quality and affordable communities for an underserved population,” said Jim Grauley, co-founder and partner at Columbia Residential. “We’re committed to delivering sustainable, state-of-the art housing and accessible community services that will enhance lives and serve families for years to come, and we look forward to the completion of this exciting project.”
Just 10 minutes east of downtown Atlanta and less than one mile from the popular Kirkwood neighborhood, the area surrounding Edgewood Court has experienced rapid gentrification in recent years. The Kirkwood-Edgewood area experienced a 9.5 percent rent spike in 2016, and the median sale price for a home in Edgewood has tripled in the last five years.
Redevelopment plans focus on several key scope items: Energy conservation and sustainability measures with certification under Enterprise Green Communities; a new vibrant community and leasing center with modern amenities including fitness center and computer lab; a refresh of building facades; roof and gutter replacements; repaving of roads and walkways; new ADA-Accessible Units; interior upgrades including dishwashers as well as updated electrical and HVAC; and, exterior amenities including a community garden and playground.
Construction is expected to begin in early 2018, with delivery expected early 2019.
About Jonathan Rose Companies LLC
Jonathan Rose Companies, Inc. is a seasoned real estate investment, development and project management firm whose mission is to repair the fabric of communities. The firm is nationally recognized for its ability to achieve visionary goals through practical, duplicable strategies. The firm acquires, develops, and acts as a consultant to assist not for profits with transit-oriented, green, mixed-income residential, innovative office, civic, education and health serving projects. Jonathan Rose Companies has developed or acquired more than $2.3 billion of real estate projects from offices in New York, Connecticut, Colorado, California and New Mexico. For more information, visitwww.rosecompanies.com
About Columbia Residential
Founded in 1991, 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, 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 won more national awards for architectural excellence than any other housing provider.