Heritage Village Receives $1.5M financing from ANDP Loan Fund
The structure previously housing the Atlanta Job Corps, will be converted to an affordable apartment community Heritage Village. The project is a joint venture between Columbia Residential and Quest Communities.
Revitalization efforts in Atlanta’s Westside neighborhoods have many concerned about low-income families being priced out of their homes and vanishing affordable rentals. The ANDP Loan Fund is supporting two local developers that are working to ensure affordability is preserved on the Westside.
The ANDP Loan Fund recently approved $1.5 million in acquisition and predevelopment financing for Heritage Village, a $17 million conversion of a vacant single-room-occupancy facility to 123 studio and one-bedroom apartments.
The project is a joint venture between Columbia Residential and Quest Communities. The two Atlanta-based organizations are teaming up to repurpose the former home of the Atlanta Job Corps. The renovated facility will target renters at the 50 and 60 percent area median income levels with rents estimated to be $539 for studios and $724 for one-bedroom apartments.
Columbia Residential, led by Co-founder and Partner Noel Khalil, is one of Atlanta’s most experienced developers, has preserved more than 6,300 housing units across 52 communities in its 27-year history.
Quest Communities, led by President & CEO Leonard Adams, is a non-profit developer with a particular focus on supportive housing, with a portfolio of 183 supportive units under management.
Quest partner Chris 180 will provide supportive services at Heritage Village, including benefit application assistance, referrals for mental health services, counseling, financial training, and workforce development.
The renovation of the West Lake Avenue property will include the addition of amenities such as bar-b-que and picnic area, a community garden, business center, and a fitness center. The property is 500 feet from a bus stop, a half-mile from the Westlake MARTA rail station, and 1.5 miles from grocery stores, banks and schools.
Both entities have received financing from the ANDP Loan Fund previously. Most recently, Columbia Residential and its sister company Columbia Ventures have secured financing for transit-oriented development projects. Quest Communities also received financing from ANDP in 2018 for the construction of seven single-family homes to be leased by its partner Chris 180.
Additional financing for Heritage Village is anticipated from Enterprise Community Loan Fund, Low Income Housing Tax Credits (9%) as well as Capital Magnet Funds, a program of the U.S. Treasury’s CDFI Fund.
Ready for capital? Want to speak with someone about a project?