Woodfield JV to Begin Affordable Project in Atlanta
This is the first time Woodfield and American South Capital are partnering on a development.
Woodfield Development has entered a joint venture with American South Capital Partners for the land purchase of 840 Woodrow SW, a parcel located along Atlanta Beltline’s Westside Trail. The site will see the development of 840 Woodrow, a planned 326-unit mixed-use affordable community. Vida Cos. sourced the plot for the buyers.
840 Woodrow has been in been in planning for three years, and the community is set to break ground within the next five to six weeks. When completed, it will feature 326 apartments, 66 of which will be reserved for affordable and workforce housing. Approximately 16 apartments will be designated for residents using tenant-based vouchers. An anticipated full build-out is expected in late 2027.
“This closing marks a major milestone in bringing high-quality affordable housing along the Atlanta BeltLine’s Westside Trail. Our goal is to support Atlanta’s broader housing goals and contribute to the continued revitalization of historic neighborhoods like Oakland City, Adair Park, and Capital View,” said Vice President and Regional Development Partner of Woodfield Development, Patrick Kassin told Multi-Housing News.
Adam Bieber, Alec Jenkins, and Nicholas Kazma of BWE advised and arranged the project’s financing, which is a mix of equity and debt. The partnership between Woodfield and ASCP is the first of its kind to add to the affordable housing market in the area.
READ ALSO: How Agrihoods Attract Wellness-Minded Renters
American South Capital Partners, a joint venture between SDS Capital Group and Vintage Realty Group, has contributed over $176 million to 25 projects in the Southern U.S., 83 percent of which are affordable housing.
Woodrow community enhancements
Aside from increasing affordable housing units in the area, the 840 Woodrow will provide commercial space and job opportunities for residents. For the BeltLine, the ongoing construction will make 500 construction jobs available as well as over 40 permanent jobs when the community comes online. The project also includes a $1.5 million investment for brownfield remediation, site revitalization and environmental protection to make it construction-ready.
In addition to its residential space, 840 Woodrow will also include repurposed shipping container storefronts, which will be redeveloped into a job training facility. Additionally, the community will have a local coffee roaster. Other enhancements include the use of public art installations and improved streetscapes.
Located three miles outside of downtown Atlanta, the Georgia Aquarium is 3.6 miles away and the Martin Luther King Jr. National History Park is four miles from the future construction site.
In nearby Cumberland, Ga., a suburb of Atlanta, a joint venture between Marcus Partners ad RPM Investments purchased a 287-unit multifamily community that was built in 2023. The partners are renaming the community to The Maddux at Shadowood.
