Columbia Residential and Partners Preserve Capitol View Apartments

ATLANTA, GA—Columbia Residential has purchased Capitol View Apartments, located near a primary entrance to the Atlanta BeltLine’s Westside Trail in the Adair Park neighborhood. The southwest Atlanta complex will be restored and preserved, creating a high-quality affordable community directly on the BeltLine—a planned 22-mile loop of greenspace, pathways and modern streetcar designed to connect 45 intown Atlanta neighborhoods.

The purchase of Capitol View Apartments was made possible through a $5 million acquisition loan from Enterprise Community Loan Fund with a guarantee by the Casey Foundation, a $1.5 million in Housing Opportunity Bond financing from the City of Atlanta through Invest Atlanta and a $1.5 million loan from the Georgia Housing and Finance Authority. The renovation will be financed through low-income housing tax credits, historic renovation tax credits and a range of local and state housing program resources, as well as private investment.

“Projects like Capitol View Apartments represent more than preserving affordable housing alone, they are a commitment to our historic communities and residents for generations to come,” says Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “We are proud to support this project with Housing Opportunity Bond financing and look forward to working with all partners involved to ensure existing residents have the opportunity to remain in the neighborhoods they helped to build.”

Originally built in 1948, Capitol View currently consists of 120 units at Metropolitan Parkway and University Avenue. Redevelopment plans will focus on sustainable renovation and construction in a manner compatible with preserving the history of the community. The one- and two-bedroom apartment homes will serve families and individuals earning 50-70% of area median income in a location where development pressure and revitalization are putting affordable housing out of reach for many families.

“The preservation of Capitol View represents what can be accomplished when local public-private partnerships and philanthropic organizations collaborate around their goals of preserving and sustaining affordable housing in revitalizing communities,” says Natallie Keiser, a senior associate at the Annie E. Casey Foundation’s Atlanta Civic Site. “As progress on the BeltLine continues, it’s more important than ever to intentionally create and preserve quality, affordable housing options for existing residents.”

The development plan calls for sustainable, energy efficient housing updated to today’s standards with accessible community services that will enhance lives and serve families for years to come. Renovations will incorporate new building systems, interiors, amenities and spaces that maintain the historic character while providing a quality living experience.

Columbia Residential’s acquisition and historic renovation of Capitol View is a collaborative effort with the Annie E. Casey Foundation, Enterprise Community Loan Fund (a subsidiary of Enterprise Community Partners), Invest Atlanta and the Georgia Department of Community Affairs to revitalize and transform the property.

“At DCA we are focused on creating communities with opportunities — neighborhoods that connect residents with transportation, services, schools, and jobs,” says Carmen Chubb, deputy commissioner for housing at DCA. “In Atlanta, there’s a growing need for affordable housing. At DCA, we welcome the opportunity that the housing tax credit offers to partner with the private sector and create affordable housing with excellent access to services.”

Columbia Residential will manage the community and provide services to residents in the pre-construction period and following renovations.

“Enterprise Community Partners and Enterprise Community Loan Fund are excited to be a partner in lending solutions for the preservation of affordable housing,” says Meaghan Shannon-Vlkovic, vice president and Southeast market leader for Enterprise’s Community Partners. “We recognize that coordination of public and private partnerships, strategy and capital will be critical to maintain affordability in emerging communities.”

Located 10 minutes southwest of Downtown Atlanta and just steps from the Westside Trail, the area surrounding Capitol View is emerging. In recent years, homes along or near the proposed infrastructure have seen a dramatic increase in prices. In Adair Park, historic bungalows dating back to the early 1900s have recently set record high prices above $400,000, though data shows that the median-priced home in Atlanta is approximately $230,000. The Annie E. Casey Foundation and Columbia Core Partners have kicked off construction on the first phase of Pittsburgh Yards, a multi-faceted development project along the BeltLine’s Southside Trail that aims to spur a more equitable distribution of income, wealth, jobs and entrepreneurship opportunities for residents in southwest Atlanta.

“I am so proud of Columbia Residential and the other great agencies in this collaboration of the jump start of a major corridor of redevelopment in District 12,” says Atlanta City Council member Joyce Sheperd. “This affordable housing development is truly an example of equity of housing in our community.”

While full completion for the BeltLine is anticipated for 2030, 11 miles of trails are already open. Last fall, the three-mile, multi-use Westside Trail opened to the public and in spring 2018, the city of Atlanta acquired more than four miles of former railroad corridor needed to complete the Southside Trail, which forms the western edge of the Capitol View property.

Renovation planning is currently underway with construction expected to begin in mid-2019.