Westside Flip Brings Back Affordability: The Atlanta Deal Sheet
A Rangewater co-founder is behind the purchase of a Westside Atlanta complex slated for an affordable housing conversion.
Atlantica Properties and EQ Housing Advisors, a nonprofit chaired by former Pollack Shores CEO Marc Pollack, have acquired the 214-unit 12th & James Apartments on Atlanta’s Westside, three miles from the Westside Reservoir Park.
Pollack’s former firm later rebranded as RangeWater.
The seller and sale price weren’t disclosed, but county records list the previous owner as Micah Philanthropies, based in Agawam, Massachusetts, according to Fulton County records.
Atlantica and EQ plan to convert 12th & James back to affordable housing, reserving half the units for households earning below 80% of the area median income and the rest at market rate, according to the release.
The acquisition was backed by a Freddie Mac Targeted Affordable Housing loan and equity from mission-driven investors, including the Atlanta Neighborhood Development Partnership, the Community Foundation for Greater Atlanta and Partners for Home.
TI Asset Management, founded by Atlantica principals Darion and Trent Dunn, will manage the property.
“Safeguarding these homes for those who need them most ensures Atlantans can live where they work and stay rooted in the communities they serve,” Darion Dunn said in the release. “By leveraging public and private resources, this partnership sets a new standard for preserving mixed-income housing.”
12th & James was built in 2002 as an affordable housing project was later converted to market-rate. Rents now range from $1,500 to $1,900 per month.
The partnership signed a ground lease with the Atlanta Urban Development Corp., a subsidiary of Atlanta Housing, to ensure the property remains affordable for at least 25 years.
SALES
Houston-based Triten Real Estate Partners has acquired the 151K SF warehouse at 103 Enterprise Drive in Calhoun. While the seller and sale price were not disclosed, Gordon County records list the previous owner as Boston-based Stag Industrial Inc., which bought the property in 2014 for $2.6M.
The property is fully leased through 2025, according to Triten’s press release.
DEVELOPMENT
Ti Cold and Karis Cold Storage have broken ground on a $60M cold storage facility in Darien, a coastal Georgia city about 60 miles south of Savannah, Gov. Brian Kemp announced this week. Operated by PermaCold Logistics, the facility is expected to support 50 jobs once complete, according to a press release.
The facility is being built at the Tidewaters Industrial Park in Darien and will feature more than 30,000 pallet positions, with temperature-controlled storage ranging from 40 to 10 degrees Fahrenheit.
LEASES
Logistics firm Wesco International has renewed its 22K SF lease at 226 Brown Industrial Parkway, a 35K SF warehouse in Canton. Highland Properties’ Scott Voelkel and Cullen Dickey represented the landlord, California-based Indian Peak Investments, according to Cherokee County records.
PERSONNEL
Panattoni Development Co. named Joe Guion as partner for its Georgia operations, taking over for Dayne Pryor, who was appointed managing partner for the Southeast region. A nearly 20-year veteran at Panattoni who developed more than 8M SF in the Southeast, Guion previously served as the senior development manager for Georgia.
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Triten Real Estate Partners expanded its Atlanta team with a slate of new hires, including Luke Schmit as an associate, Fazel Ahsan as asset manager — who formerly worked for Brookfield Properties — and Ethan Gomez as an analyst.
Houston-based Triten hired Willie Ross from Faropoint in 2023, according to his LinkedIn profile. But Triten officially established an Atlanta office this month, naming Ross its head. Triten is an investment firm focused on industrial and outdoor storage real estate with 25 assets across the Southeast.
“We’ve cemented strong roots in the Southeast through successful transactions and relationships. Establishing a dedicated office there is a natural evolution,” Triten founder Scott Arnoldy said in a press release.
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Toro Development Co. hired Justin Long and David Pugh as vice presidents of development, tasked with overseeing the firm’s developments, including the $560M Medley mixed-use project in Johns Creek.
Long previously served as director of development for Crescent Communities, and Pugh was senior vice president at North American Properties.
