A Southwest Atlanta apartment complex that was neglected for more than 35 years reopened this week after a multimillion-dollar facelift.
Affordable housing developer Columbia Residential on Wednesday held a grand opening for Columbia at Capitol View, where 120 one-and two-bedroom apartments underwent renovations for residents in Adair Park near the Beltline Westside Trail.
Adair Park is a historic neighborhood a few miles south of downtown Atlanta. The neighborhood has seen soaring home values and rents in recent years.
The complex, formerly known as Capitol View Apartments, were built in 1948 for World War II veterans and their families before they fell into disrepair. Columbia Residential bought the apartments in 2018 with the intent of preserving them as affordable housing, and completed the renovations in August 2021.
The units are priced at rents affordable for residents earning between 40% to 70% of the area median income (AMI). For context, Invest Atlanta says a 50% AMI equates to $48,200 in annual earnings for a family of four.
Credit: Columbia Residential
Credit: Columbia Residential
Metro Atlanta has seen a wave of luxury apartment development over the past decade, particularly along the popular Beltline. But efforts to preserve and expand low- and moderate-income housing haven’t kept pace with the boom in high-end rentals.
Columbia Residential President Carmen Chubb said in a statement that the complex was on the verge of being sold as a market-rate development along the Beltline. But Columbia ultimately partnered with the city, Invest Atlanta, Enterprise Community Partners, Atlanta Housing Authority, Partners for Home, Bank of America and The Annie E. Casey Foundation to revitalize the property for low- and moderate-income workers.
The purchase was made through a $5 million acquisition loan from Enterprise Community Loan Fund with a guarantee by the Annie E. Casey Foundation, $1.5 million in Housing Opportunity Bond financing from Invest Atlanta, and a $1.5 million loan from the Georgia Housing and Finance Authority. The renovation was financed through low-income housing tax credits, historic renovation tax credits, private investment and local and state housing program resources.
A total of $27 million was spent to acquire and renovate the property.
The fully renovated complex has 24 supportive housing units and wrap-around services to accommodate very-low income residents, according to Columbia. The homes also have new lighting, kitchen appliances, restored red oak hardwood flooring and ceramic tile baths. On-site amenities include a business center, gym, community garden and covered pavilion with grills.
“It takes a village to preserve a village,” said Mayor Andre Dickens in a statement. “Columbia at Capitol View is a great example of how public private philanthropic partnerships should work for the benefit of the community.”
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