Forgotten Atlanta Neighborhood Slated for Two Housing Projects
The Sweet Auburn neighborhood of Atlanta, one that is often overlooked by apartment investors, will be home to two new housing opportunies. One will be a unique setup that more closely resembles college housing. A $37 million affordable project will offer rooms for $1,400 in furnished three-bedroom apartments, with all utilities paid. Tenants will be limited to leases ranging from three to twelve months.
The Front Porch is being developed by The Historic District Development Corporation (HDDC). Capital One put $9 million into the venture. The project will also be financed through equity, debt and grants.
The project will include 24,000 square feet of commercial space and 33 apartments (67 beds). The development will include restaurants and retail.
Additionally, Invest Atlanta has approved a Housing Opportunity Bond up to $3 million for Sweet Auburn Grande (photo), another intown project at Jesse Hill Jr. Drive and Auburn Avenue being put together by Gorman and Company. The plan calls for 109 multifamily units with about 11,500 square feet of commercial space.
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Atlanta Commercial Real Estate News
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