This Week's Atlanta Deal Sheet: RangeWater Co-Founder Launches Affordable Housing Nonprofit
The co-founder of the Atlanta apartment giant RangeWater and its market-rate apartments and single-family rentals is eyeing another facet of the industry: affordable housing.
Marc Pollack established a new nonprofit this month called EQ Housing Advisors to address Atlanta’s affordable housing crisis, focusing on preserving and creating new affordable units, impact investing and advisory services, according to a press release.
EQHA tapped Matt Paschall, the former national leader for accounting firm Baker Tilly’s DevelUp conferences, as executive director.
“We intend to serve as an umbrella organization to the affordable housing ecosystem, connecting the dots and raising the bar through advisory and consulting services,” Pollack said in the release.
Pollack co-founded Pollack Shores in 2006 with Steven Shores, which in 2019 changed its name to RangeWater. Pollack remains a senior adviser and chairman emeritus at RangeWater. He is involved in the affordable housing side as board chair of Partners for Home and as an advisory board member of Gateway Center, two organizations that address homelessness in the metro area.
“We believe that affordable housing is foundational to economic development and can provide meaningful financial returns while making a meaningful social impact for the communities we serve,” Paschall said in the release. “We intend to provide the necessary capital and solutions to better enable the creation and preservation of affordable housing.”
PERSONNEL
Portman Holdings has promoted Travis Garland to chief development officer and Andrew Kroll to chief operating officer. In Garland’s newly created role, he will drive new business across all asset classes. Previously, Garland was managing director for office, where he oversaw $4B in transactions, including the development of Portman’s mixed-use project, Spring Quarter.
Knoll previously served as Portman’s senior vice president of asset management. He is replacing Michelle Benton, who announced her retirement effective June 30 after 28 years with the company.
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SJC Ventures tapped Natalie Battisti as vice president of leasing. The 15-year industry veteran previously worked as the Southeast vice president of leasing with Jamestown, leasing projects like Ponce City Market, Westside Provisions and Buckhead Village.
Battisti will oversee leasing and tenant relations for SJC’s entire portfolio.
DEVELOPMENT
Atai Construction has filed an application with the city of Atlanta to begin construction on a six-story, $3.1M apartment building at 389 Linden Ave. The project would replace an existing single-family home on the site and would include 24 units, according to the application.
Atai is acting as the general contractor for the project’s developer, 389 Linden Ave NE LLC, which is led by Reshma Maherali, What Now Atlanta previously reported.
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Atlanta’s Concept Review Committee is set to consider a proposal to build a 14-story apartment tower at 1283 Marietta Blvd. Atlanta-based Five Points Development and an unnamed partner are pursuing a 200-unit, market-rate apartment building in the Blandtown neighborhood.
The concept review committee is tasked with reviewing proposed projects before they enter the permit process.
SALES
Third & Urban purchased Northridge Commons, a seven-building, 470K SF flex industrial campus at 8601 Dunwoody Place in Sandy Springs. The price was undisclosed. The seller was an LLC tied to Dilweg Cos., which purchased the property in 2019 for $51.5M, according to Fulton County records.
Northridge Commons is 83% leased to companies that include Invitation Homes and Inspire Brands.
FINANCING
The owner of the Belmont at Park Ridge Apartments secured a $26M permanent loan to refinance the apartment complex at 150 Rockberry Lane in Alpharetta, according to a press release.
The landlord wasn't disclosed, but the 20-building, 344-unit complex is owned by Belmont at Park Bridge Property LLC, according to Fulton County records. The entity appears to be affiliated with Heller Investment Properties in Malibu, California. The firm purchased the property in 2014 for $41.5M.
Gantry’s Blake Hering and Abi Hunter helped arrange the 15-year, interest-only, fixed-rate loan.
