Investors Turning 623-Unit Atlanta Rental Asset into Mixed-Income Venture
Atlantica Properties and EQ Housing Advisors are revamping a 623-unit apartment building in Atlanta’s Buckhead district, stipulating that a large percentage of the units will be for affordable and workforce housing candidates. Formerly known as The Darlington along Peachtree Road, the high-rise property will be known as The Lofts at Twenty25 going forward. The Lofts at Twenty25 is roughly 80% occupied. The Atlanta Business Chronicle reports that in 2020, a developer bought the building, planning to turn the tower into luxury units, but abandoned that plan.
About 120 of the development’s units will be reserved for residents earning no more than 50% of the metro’s area median income. Other units will be available to those earning at or below 80% or 140% AMI. Additionally, 30% of the complex’s units will serve as workforce housing.
The Darlington was constructed in 1951 and was the city’s first residential high-rise developed post-World War II for working-class residents.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout