Affordable Atlanta-Area Communities Sell for $70M
- Aug 30, 2019
Real estate investment firm Vista Realty Partners has sold two affordable multifamily communities in metro Atlanta to Fairfield Residential for $70 million. The properties total 604 units and are located in the northern suburbs of Doraville and Kennesaw, Ga.
Built in 2006, Longwood Vista is located at 2300 Global Forum Blvd. in Doraville, northeast of Atlanta. The community features 280 one-, two- and three-bedroom units across 11 buildings off Buford Highway Northeast. The property is located just outside the Interstate 285 loop that encircles Atlanta and is nearby Assembly Yards, a forthcoming mixed-use development from The Integral Group.
Located at 2100 Ellison Lakes Drive in Kennesaw, Lakeside Vista was built in 2006 and has 324 units, ranging from one- to three-bedroom layouts. The 16-building property is located off Cobb Parkway, northwest of Atlanta, within the master-planned Ellison Lakes Community.
Each property includes a fitness center, business center, clubhouse, pool and laundry facilities. Both communities were developed under Section 42 Low-Income Housing Tax Credit (LIHTC) provisions and are rent restricted through 2034 or 2035. Longwood Vistas is listed as fully affordable, while Lakewood Vista offers 262 affordable units out of 324, according to Yardi Matrix.
Fairfield Residential has been steadily boosting its affordable housing portfolio, which now spans more than 8,000 affordable housing units. In January, the company was among 12 development firms that the Dallas Housing Authority selected to create more affordable housing throughout North Texas.