Built in 1948, the Capitol View Apartments community in Adair Park is in line to receive quite the makeover, the end result being a “high-quality, affordable” living option, officials said.
Located near a primary entrance of the Beltline’s Westside Trail—the path’s southern terminus, for now—the property houses 120 one- and two-bedroom apartments.
Once complete, the rentals will be available to residents earning between 50 and 70 percent of area median income, project leaders said. That’s quite a departure from the record-setting home prices popping up in the neighborhood that require a much higher tax bracket.
In fact, homes dating back to the early 1900s have recently set record high prices north of $400,000, following extensive renovations.
Renovations on the complex, which stands on the corner of Metropolitan Parkway and University Avenue, will be focused on sustainability and construction in line with preserving the history of the community. Expect energy-efficient dwellings with new building systems, interiors, amenities, and spaces that retain the property’s historic character while incorporating more modern touches, officials said.
The renovation and preservation work will be a collaborative effort between Columbia Residential, the Annie E. Casey Foundation, Enterprise Community Loan Fund, Invest Atlanta, and the Georgia Department of Community Affairs.
An Atlanta-based real estate firm, Columbia Residential purchased the property and will manage the complex going forward. The company has several other affordability-focused residential projects around the city, including the ongoing renovation of Edgewood Court Apartments.
In Adair Park, the firm used a combination of financing avenues to purchase the apartments, including: a $5 million acquisition loan from Enterprise Community Loan Fund with a guarantee by the Casey Foundation; $1.5 million in Housing Opportunity Bond financing from the City of Atlanta through Invest Atlanta; and a $1.5 million loan from the Georgia Housing and Finance Authority.
In addition, the project will benefit from low-income housing tax credits, historic renovation tax credits, and a range of local and state housing program resources, as well as private investment, officials said.
“The preservation of Capitol View represents what can be accomplished when local public-private partnerships and philanthropic organizations collaborate around their goals of preserving and sustaining affordable housing in revitalizing communities,” said Natallie Keiser, a senior associate at the Annie E. Casey Foundation’s Atlanta Civic Site, in a press release.
“As progress on the Beltline continues,” Keiser noted, “it’s more important than ever to intentionally create and preserve quality, affordable housing options for existing residents.”
Final renovation plans are being hashed out now, and construction is expected to begin in mid-2019.