Woda Cooper Companies, Inc. and Parallel Housing, Inc. hosted a grand opening and ribbon-cutting today at the new 56-unit Stanton Park Apartments. The two organizations co-developed the new property located at 1056 Hank Aaron Drive, near the Southside BeltLine Trail in the city’s Peoplestown neighborhood.
Officials from the City of Atlanta, including Mayor Andre Dickens, joined the developers for the ceremony, along with representatives of the Georgia Department of Community Affairs (GA DCA) Invest Atlanta (IA), Atlanta BeltLine, Inc., Partners for Home, Atlanta Housing, Fulton County, along with tax credit equity investors Walker & Dunlop and Sugar Creek Capital, and others such as the Peoplestown Revitalization Corporation.
Stanton Park Apartments is a three/four-story building with an elevator that provides 36 one-bedroom units and 20 two-bedroom units. It is restricted to residents with 30% to 80% area median income with current monthly rents of $413 to $925 for one-bedroom units and $805 to $1080 for two-bedroom units, depending on income qualification. There are ten units specifically reserved with Project Based Voucher rental assistance for residents who experienced homelessness.
Atlanta is one of the fastest growing cities in the US and rents and home prices are rising faster than incomes, according to a 2023 review of Atlanta’s residential affordability by KB Advisory Group for ULI Atlanta Livable Communities Council. Since 2017, average home prices have increased 73% across the Atlanta metro’s 5-county core (Fulton, Gwinnett, Cobb, DeKalb, and Clayton Counties), with rents increasing 33% over same the period. In Fulton County, 28% of households are cost-burdened, spending more than 30% of household income on rent and utilities. Rising housing costs have led to a shift away from homes priced below $1,000 per month. This points to a growing difficulty for mid-to-lower income households in finding appropriately priced housing in the Atlanta region.
“A city as diverse and progressive as ours needs more diverse and practical housing options like Stanton Park,” said Mayor Andre Dickens. “Our hopes for a brighter future where housing affordability is the norm, not the exception, can only be accomplished by working together. Stanton Park is a great example of the exciting results that thoughtful collaboration can produce.” Mayor Dickens has set a goal for the City of Atlanta to preserve or create 20,000 affordable housing units by 2030. So far 4,020 have been delivered and 5,053 are funded or under construction.
Support from the city was essential in the development of Stanton Park Apartments. The city’s economic development authority, Invest Atlanta, provided just under $1 million in a permanent loan. Stanton Park also benefited from a $6.5 million tax exempt bond through from the Urban Residential Finance Authority.
“Affordable housing is one of the keys to mitigating intergenerational poverty and increasing economic mobility, and that is our north star,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “To make the greatest impact, we must continue to address the challenges of housing as a spectrum, from homelessness to homeownership. Developments like Stanton Park Apartments that meet different housing needs accomplish this and help build community in our city.”
Atlanta BeltLine, Inc. was a key partner for Stanton Park Apartments, and in partnership with Invest Atlanta, Inc., Atlanta BeltLine provided essential capital investment to ensure affordable housing is a reality for Stanton Park residents. Located near the Southside BeltLine Trail, the trail provides excellent recreation and fitness opportunities, and equitable access to neighborhood amenities.
“We are committed to advancing affordable housing efforts throughout the BeltLine corridor, ensuring that all citizens have equitable access to living options close to their jobs, schools, and our city’s best amenities,” said CEO Clyde Higgs. “Atlanta BeltLine is on track to meet or surpass our affordable housing goal of 5,600 units by 2030 within the BeltLine Tax Allocation District (TAD), and we are excited to have 500 affordable units in our 2024 pipeline. Stanton Park is a great example of how our city and community partners work together to make affordable housing a reality.”
Primary financing for the $14.2 million Stanton Park Apartments was supported through federal and state Low-Income Housing Tax Credits allocated by the GA DCA who also provided a permanent loan. The tax credits were sold for equity financing that helps enable affordable rental rates for residents.
“The opening of Stanton Park Apartments marks another significant milestone in our commitment to creating supportive pathways out of homelessness and making housing the platform for opportunity. The Georgia Department of Community Affairs is proud to stand with our partners in this work as we bring critical debt and equity funding through our HOME lending program and the Housing Credit program,” said Philip Gilman, Deputy Commissioner, Housing Assistance and Development, GA DCA. “We look forward to continuing these partnerships to create homes where families can live, work, and play both on the Beltline and across the state.”
Walker & Dunlop (formerly Alliant Capital) invested more than $5.2 million in exchange for federal tax credits. “Walker and Dunlop Affordable Equity is honored to partner with Woda Cooper Companies to bring thoughtfully designed affordable housing opportunities to the revitalized Peoplestown neighborhood,” said Jennifer Erixon, Senior Managing Director, Originations
Affordable Housing/Equity.
Sugar Creek Capital invested more than $3.5 million in exchange for the state credits. “We are proud to be a partner in this meaningful development that will create quality affordable homes for families along Atlanta’s innovative Beltline,” said CEO Chris Hite. “We congratulate Woda Cooper on navigating an incredibly complex and constantly changing construction environment that could not have been foreseen when they first proposed this development. Without Woda Cooper’s extraordinary dedication to affordable housing, and without the support of the Georgia state affordable housing tax credit program and the support of the Department of Community Affairs, these homes would not have been completed.”
Partners for Home, part of a consortium of Atlanta organizations addressing homelessness, provided a $400,000 HomeFirst grant toward permanent financing. “Housing is the solution to homelessness, and we are thrilled to partner with Woda Cooper to create housing solutions for individuals experiencing homelessness in our community,” said Cathryn Vassell, CEO, Partners for Home. “Thank you to Woda Cooper for their willingness to create housing options for all neighbors in our community.”
Atlanta Housing provided Project Based Vouchers for rental assistance for ten Stanton Park residents. Supportive services to assist these residents will be provided for ten years by Fulton County Department of Behavioral Health and Developmental Disabilities.
“Atlanta Housing is excited about this partnership with Woda Cooper Companies, Inc., which allows us to provide permanent supportive housing project-based vouchers for 10 units at Stanton Park,” said Terri M. Lee, President and CEO of Atlanta Housing. “Our annual investment of approximately $137,880 will enable families earning less than 80 percent of the Area Median Income (AMI) yearly to live in a prime location within proximity to key amenities, including the Southeast BeltLine Trail. In addition, residents will receive life enhancing wrap-around supportive services through Fulton County Behavioral Health. “
Stanton Park Apartments features spacious floor plans with plenty of storage, and modern kitchens with ENERGY STAR appliances, including dishwashers. The units have contemporary finishes, including quality cabinetry, and luxury vinyl tile flooring. Each unit has a washer/dryer hookup. There are two units with features for residents with physical disabilities plus one with features for those with sight/hearing disabilities and the entire development provides barrier free access. It is certified LEED for Homes Silver.
Community amenities include a multipurpose room with kitchenette, central laundry, computer room, fitness facility, indoor bike storage, and picnic area with tables and grills. There is an onsite management center for leasing and property management.
“It is exciting to know that 56 households now call the beautiful new Stanton Park Apartments home at rental rates that are affordable for moderate- and low-income residents, with ten Permanent Supportive Housing units for those who have faced the incredible challenge of homelessness,” said Denis Blackburne, Senior Vice President – Development for Woda Cooper Companies.
“Stanton Park represents strong a collaboration of public, private, and nonprofit partnerships that were vital in creating much-needed housing with lifestyle amenities such as a fitness center and indoor bike storage,” added Gregg Bayard, President, Parallel Housing, Inc. “In addition, the benefit of close proximity to the Southside Beltline Trail is a key amenity contributing to quality of life for residents.”
Architecture for Stanton Park was performed by Hooker DeJong, with civil engineering by Long Engineering. Woda Construction, Inc. was general contractor. Summit Community Bank provided a construction loan. Leasing and property management is handled by Woda Management & Real Estate. For more information, call 470-737-8019 or visit www.wodagroup.com.
About Parallel Housing, Inc.
Parallel Housing, Inc. is a nonprofit developer based in Athens, GA, and dedicated to the development of sustainable, affordable multifamily housing for seniors and families. Founded in 2002, Parallel Housing currently has ten properties in Georgia, one in Kentucky, and one in Iowa.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family communities, senior communities, and single-family homes. The company was founded in 1990 and now has operations in 17 states and a portfolio of 330 communities and 16,000 units operating or under construction. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. Woda Cooper Companies has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Queenstown, MD; Mackinaw City, MI; Columbus, OH; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 7th in nation among Developers and 21st among Owners in 2023.
