A developer recently purchased an 11-acre plot of land near Stone Mountain to construct nearly 120 age-restricted apartments for low-income seniors.
Florida-based Timshel Development Group bought the property at 5734 Rockbridge Road for $970,000 on Feb. 5 to begin constructing the building. The privately owned land was vacant commercial property before it was rezoned last year for residential use.
The deal was brokered by Douglas Calderwood of New South Realty Associates, who told The Atlanta Journal-Constitution that construction will take roughly 14 months. He added that all construction permits were acquired prior to the sale, so they expect to break ground in early March.
The project was initially going to be called the Harmony at Stone Mountain Senior Apartment Center, but the name hasn’t been finalized, Calderwood said. It’ll include 118 apartments — 29 one-bedroom units and 89 two-bedroom units.
The Gateway Companies, an Alabama-based affordable housing developer, is also a partner on the project. The developers are trying to sell a few outparcels on the property to commercial developers.
Credit: New South Realty Associates
Credit: New South Realty Associates
It’s being funded in part with a Low-Income Housing Tax Credit, a federal resource meant to create more affordable housing. The planned rental prices for the apartments has not been released, but Calderwood said there will be an income cap for renters, who must be at least 55 years old, to qualify.
“The property will have an income restriction placed on the new residents to assure the residents are truly low income renters,” Calderwood said in an email. He said a specific income cap for residents has not been released by the developers.
Calderwood compared the housing project to the recently completed Harmony at Conyers apartments, which he also brokered for Timshel Development. The listed monthly rent for a one-bedroom unit there is about $725.
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