Charter is providing $18.8 million in financing for the 271-unit Auburn Glenn complex in the Martin Luther King Jr. National Historic District near Downtown, and $8 million to the 220-unit Oak Hill Apartments near the University Georgia in suburban Athens, GA. Related is providing $6.7 million of equity to the Athens complex for tax credits generated by the transaction.
The five-year-old Capital Development Group teamed with Atlanta's Historic District Development Corp. and the city's Urban Residential Finance Authority to develop Auburn Glen. The six four-story buildings at 49 Boulevard SE will have 20,000 sf of retail and community space. The majority of the shelter units will be targeted at families earning 60% or less of the area median income. Rents are expected to start at about $600 per month.
Oak Hill Apartments will be developed at Highway 29/8 and Loop 10, the two main arteries into Athens. The eight two-story buildings and one community building will be rented low-income families at about $464 per month.
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