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Rehabbed Affordable Housing Project to Open this Week in Atlanta Suburb
Published: October 06, 2008
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By Erika Schnitzer, Associate Editor
Norcross, Ga--The grand opening of Progressive Redevelopment Inc. (PRI) and The IMPACT! Group’s Bradford Gwinnett Apartments, a rehabilitated 194-unit affordable housing community, will take place this week.
“It was originally constructed in the 1980s and, unfortunately, had gone into a little bit of disrepair and become a center of criminal activity,” Richelle (Shelly) Patton, president of development for PRI, says of the property. The rehabilitation of Bradford Gwinnett was completed early this year and the area crime has decreased, she explains.
The development, which is targeted mostly for those earning 60 percent of the area median income, offers one-, two- and three-bedroom units. Monthly rents range from $570 to $695. Almost half of residents the take part in Section 8. The property is currently 93 percent occupied.
The $15,216,089 renovation of the garden-style property includes new roofs, siding, windows, doors, HVAC systems and unit interiors. A playground/picnic area was added to the site, and the existing swimming pool was improved.
Additionally, a number of free support services will be offered to residents, including the Learning Link program, an after-school program for children; weekly teen enrichment groups; adult community building activities; a monthly seniors program; and resume-building and job-readiness classes.
PRI is providing the support services through its affiliate, CaringWorks Inc., and property management is provided by PRISM Realty Management.
Financing for the renovation of Bradford Gwinnett Apartments was provided through $6.75M of tax-exempt bonds administered through Prudential, $5.22M in tax credits from Enterprise Community Investments, and $2.95 in seller financing. SunTrust provided a construction loan for the project.
Though this project was able to secure financing, Patton notes the difficult times that lie ahead. “Because of the questions about the access to capital, some syndicators are out altogether. Others are taking a wait-and-see approach.” The biggest challenge, she believes, will be finding an investor, determining what sort of equity pricing they will be able to offer and figuring out how to marry that with your pro forma.
