Jonathan Rose JV Buys Affordable Atlanta Community
- Apr 24, 2020
A joint venture of Jonathan Rose Cos., Columbia Residential and SUMMECH Community Development Corp. has paid $25 million for City Views at Rosa Burney Park, an affordable community with 181 Section 8 and LIHTC units in Atlanta. The transaction extended the HAP contract covering 154 units with 20 years and the property’s affordability with 30 years, according to Jonathan Rose Cos. Director Brandon Kearse.
This purchase follows another recent Jonathan Rose Cos. investment in affordable communities. Earlier this month, the company acquired a 217-unit Section 8 and Mitchell-Lama property in Manhattan’s Upper West Side.
Situated on more than 7 acres at 259 Richardson St. SW, City Views consists of a 10-story tower and 15 two-story buildings completed in 1973, according to Yardi Matrix information. The unit mix features one- to five-bedroom units averaging 762 square feet. The LIHTC units are reserved for households earning 40, 60 or 80 percent of the area’s median income.
Located close to interstates 20 and 85, the property is near downtown Atlanta in the Mechanicsville neighborhood, across from Rosa L. Burney Park. The Mall West End is 1 mile west of the community.
Upcoming extensive upgrades
The new owner plans a $16.5 million renovation of the property. The buildings are to receive new roofs, windows and elevators, as well as improved ADA accessibility. In addition, several thousand square feet of community space will be put to new use, such as a fitness center, craft room, package room and computer learning center.
Additionally, the apartments will be completely renovated, with new kitchens and bathrooms on the improvements list. Unit upgrades will also include Energy Star appliances, low-flow plumbing fixtures and LED light fixtures, aiming for green certification. During the renovation works that are expected to last 19 months, residents will be temporarily relocated off-site on a rotation basis.