FOR IMMEDIATE RELEASE
January 17, 2024
COLUMBIA
RESIDENTIAL AND DECATUR HOUSING AUTHORITY CLOSE FINANCING FOR SENIOR AFFORDABLE
HOUSING DEVELOPMENT AT MARTA’S AVONDALE STATION
Financing
Supports 80 Units at Transit-Oriented Development in Decatur
ATLANTA – Columbia Residential and the Decatur
Housing Authority have closed on financing for an 80-unit affordable senior
housing development at the Metropolitan Atlanta Rapid Transit Authority (MARTA)
Avondale Station transit-oriented development (TOD).
The Georgia Department of Community
Affairs, City of Decatur, Decatur Housing Authority and DeKalb County are
providing financial support for the new development, which adds to the 92
affordable senior units built in 2018 and provides housing for residents at a range
of incomes below 80 percent of the area median income. The 80 additional 1- and
2-bedroom units and amenities targeted for seniors will have direct access to
Avondale rail station.
In May 2021, MARTA sold the land to
Columbia Residential specifically for affordable senior housing given Columbia
Residential’s successful delivery of affordable senior units in the first
phase. The parcel is one of the two final components of the southside master
TOD plan executed between MARTA, Columbia Ventures LLC, Cortland, and the City
of Decatur.
“It remains a challenging capital market
environment for new developments,” said MARTA General Manager and CEO Collie
Greenwood. “This closing demonstrates investor demand still exists for
affordable housing communities near transit, especially when executed by
quality developers and supported by local jurisdictional partners. By offering
more equitable access to transit and affordable housing, this development will
provide its senior residents with more financial freedom and mobility options.”
“Decatur is pleased to be a partner in this
development that moves us closer to our community’s affordable housing goals,
including the expansion of affordable housing near public transit,” said Patti
Garrett, Mayor of the City of Decatur. “There are
multiple resources and tools needed to support these complex developments; and
we are fortunate that the city was able to leverage its tax allocation district
that allows for the use of incremental tax dollars for affordable housing
infrastructure. We look forward to welcoming our new
residents to this vibrant neighborhood.”
“Decatur East
Phase II will provide affordable senior housing in Decatur that incorporates
smart growth, transit-oriented development, new urbanism, green building,
walkability, and community-building,” said Doug Faust, CEO of the Decatur
Housing Authority. “It is remarkable
what we can accomplish when we work together as a community to serve the needs
of others.”
“We are proud to honor our commitment to
provide affordable housing options for seniors with access to transit at the
Avondale MARTA station.,” said President of Columbia Residential Carmen Chubb.
“This development builds upon our work with the Columbia Senior Residences at
Decatur East, Phase I, and is a great example of what can be achieved when
public and private partners come together to address critical needs in our
communities."
Developments with affordable housing near
transit are being recognized by lenders and investors as having strong
underwriting fundamentals, especially when they have sponsors with a long track
record of success. The developments allow residents to lower their housing and
transportation costs, making units within affordable and mixed-income housing
TODs easier to lease. For example, similar mixed-income developments that have recently
opened – Marchon
at King Memorial MARTA station and Quill at
Edgewood Candler MARTA station –
both reached leasing stabilization within 6 to12 months.
“At peak leasing over a three-month
period, Quill leased approximately 40 units per month. The fact that it was a
TOD and offered units affordable at 80 percent of AMI was a huge help in that
process,” said Diana Stoian, VP of Investments at Columbia Ventures. “Overall,
Quill's lease-up was the fastest we've ever experienced, so it's a huge success
in our book.”
The closing at Avondale comes soon after
MARTA celebrated the groundbreaking for a 250-unit affordable senior and multifamily
development at Kensington Station with the Housing Authority of DeKalb
County.
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