The 40-unit apartment complex has been revamped with attainable rents at 60% AMI; American South Fund Management impact fund supports affordable housing developments for low-income residents throughout the South
ATLANTA /PRNewswire/ — Tenth Street Ventures, partners Miles Alexander III at Alexander Goshen and Richard Taylor with ARRC Capital Partners along with Atlanta Mayor Andre Dickens, U.S. Congresswoman Nikema Williams, Georgia Senator Sonya Halpern and Atlanta City Councilmember Byron Amos celebrated the ribbon cutting of 12Hundred Studios at 1200 Mobile St., a 40-unit apartment complex in Atlanta’s Hunter Hills neighborhood. Atlanta Affordable Housing Fund (AAHF) provided the senior loan for the project, while American South Fund Management (ASFM) provided equity.
The team converted the vacant property into 40 fully furnished studio apartments, all of which have attainable rents at 60 percent of Area Median Income (AMI). Additionally, 25% of units are reserved for unhoused individuals through partnerships with Open Doors and HomeFirst. 12Hundred Studios won CoStar’s 2022 Impact Award for Best New Multifamily Development in Atlanta.
“Affordable housing is a major tenet of my vision for Atlanta – to make sure that Atlanta is a city of opportunities for all. We want to offer residents safe, affordable, quality housing options and that’s what we have here,” said Atlanta Mayor Andre Dickens at the ribbon cutting event. “It’s important to applaud these five partners that worked together diligently to make this move-in ready, affordable and permanent supportive housing.”
Brian McCarthy, a principal at TSV, added, “Residents can be proud of living in this space. The reduced costs of the homes, along with full furnishing makes a higher standard of living more attainable for our future tenants.”
ASFM, a joint venture between SDS Capital Group and Vintage Realty Company, manages impact funds that seek to finance projects that positively impact low-income and moderate-income communities across the Southern U.S.
The 12Hundred project exemplifies what can be achieved when you combine the acumen of a developer such as Tenth Street with the capital of an impact fund. ASFM is proud to have partnered on such a significant community project,” said Deborah La Franchi, ASFM Managing Partner.
SOURCE American South Real Estate Fund
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