Affordable housing developments are gaining traction nationwide, and now, Atlanta is set to welcome one of its own. A new affordable housing initiative is coming to Atlanta, where a luxury apartment complex is set to undergo a major transformation. Following a $39 million sale, 12th & James will be converted into long-term affordable housing.
Highlights
- 12th & James luxury apartments to transform into affordable housing soon.
- JLL Capital Markets facilitated a $39 million sale of the property.
- All 214 units are to be dedicated to long-term affordable housing.
12th & James Luxury Apartments to Transform into Long-Term Affordable Housing
One of Atlanta’s most desirable neighborhoods is soon to welcome a transformation project. The 12th & James Luxury Apartments have now been secured for $39 million, facilitated by JLL Capital Markets. The firm played a key role in facilitating the property’s shift from luxury to affordability.
JLL Capital Markets confirmed the sale of the 214-home luxury apartment community. They worked on behalf of the seller, Aspen Square Management. Situated in Atlanta’s Upper Westside, the property offers quick access to major job hubs and lifestyle destinations.
The new ownership plans to build on ongoing improvements in the Upper Westside submarket. The project aligns with the area’s strong fundamentals, including a 3.2% annual population growth rate and a 57% renter population. The Upper Westside is projected to see rent growth of 17.4% through 2029, making it one of Atlanta’s most competitive rental markets.
Public-Private Partnership
JLL Capital Markets is a real estate and investment management company. This company has facilitated the sale of the luxury apartments. EQ Housing Advisors, Inc. partnered with Atlantica Properties to acquire the property as part of a public-private initiative. This public-private partnership aims to convert the property into long-term affordable housing.
The property initially belonged to Aspen Square Management. This property management company has prioritized resident satisfaction for years. The new owners, EQ Housing Advisor, Inc., come with the initiative to create and preserve affordable housing. Meanwhile, owner Atlantic Properties specializes in workforce housing.
Together, the companies plan to reposition the property as long-term affordable housing. Given the limited supply of similar properties nearby, the conversion presents both logistical challenges and a unique opportunity. However, the profitability of this project is undeniable and will surely transform the prices in the area soon.
Plans for the Affordable Housing Project
Built in 2002, 12th & James offers resort-style amenities for residents. It includes a resort-style pool, fitness center, business center, outdoor kitchen, and an off-leash dog park. The apartments include 189 partially renovated and 25 classic homes. With modern upgrades and smart home features, the community has been a statement of luxury.
All 214 units will be designated as long-term affordable housing under the new ownership. For families earning up to 80% of the area median income, half of the units will be reserved. It means approximately $73,120 for a two-person household.
Select units will be available at rental rates as low as $1,071 for a one-bedroom. These will go as low as $1,071 for a bedroom and $1,285 for for a two-bedroom unit. Under an agreement with the Atlanta Urban Development Corporation, the units will remain affordable for at least 25 years.
Located at 1212 James Jackson Parkway NW, the community offers direct access to I-285 and I-20, with proximity to West Midtown and Downtown.
Residents enjoy rapid commutes to major job centers and easy access to the area’s expanding retail and entertainment scene, including The Works and Westside Reservoir Park.
