Tenth Street Ventures along with partners Miles Alexander III at Alexander Goshen and Richard Taylor with ARRC Capital Partners with Atlanta Mayor Andre Dickens and other officials celebrated the ribbon cutting of 12Hundred, at 1200 Mobile St., a 40-unit, garden-style apartment complex in the Hunter Hills neighborhood just West of downtown Atlanta. Atlanta Affordable Housing Fund (AAHF) provided the senior loan for the project, while American South Fund Management (ASFM) provided equity.
The team converted the vacant property into 40 studio apartments, all of which are fully furnished and available for attainable rents at 60 percent of Area Median Income (AMI). In addition, 25% of units are reserved for individuals either currently experiencing or exiting homelessness through partnerships with Open Doors and HomeFirst. The team closed on the project April 19, 2021 and used no subsidies to create this attainable housing. 12Hundred Studios won CoStar’s 2022 Impact Award for Best New Multifamily Development in Atlanta.
“Affordable housing is a major tenet of my vision for Atlanta – to make sure that Atlanta is a city of opportunities for all. We want to offer residents safe, affordable, quality housing options and that’s what we have here,” said Atlanta Mayor Andre Dickens at the ribbon cutting event. “To be able to make sure they have furniture is an added benefit. I want to ensure the dignity and security of our residents, so that is why I am here today. It’s important to applaud these five partners that worked together diligently to make this move-in ready, affordable and permanent supportive housing.”
Brian McCarthy, a principal at TSV, added, “Residents can be proud of living in this space with our incorporation of exterior art and interior design of the apartment homes. The reduced costs of the homes, along with full furnishing makes a higher standard of living more attainable for our future tenants with our Affordable Lifestyle Living or A.L.L.”
Miles Alexander III, principal at Alexander Goshen, added, “This space shows the intersection of creative edge and affordable living in the city of Atlanta. Through the use of art and design, we’re paving the way for a new standard of affordable living.”
ASFM, a joint venture between SDS Capital Group and Vintage Realty Company,
manages impact funds that seek to finance projects that positively impact low-income and moderate-income communities in need of economic and community development. Impact funds managed by ASFM focus on 10 states across the Southern U.S. and provide equity, preferred equity and mezzanine debt for third-party real estate developers.