A new affordable housing apartment tower has opened in the historic Atlanta neighborhood of Peoplestown.
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Exact Capital and Aleem Construction held a ribbon-cutting ceremony Tuesday for Skyline Apartments, an 11-story, 250-unit tower near a soon-to-be-completed section of the Atlanta Beltline loop.
The project, which cost $94M, was completed over the summer but was officially christened this week. The tower’s apartments are exclusively reserved for residents earning 60% or less of Atlanta’s average median income. Rents range from $1,062 to $1,322.
Lamar D. Williams, managing director of Exact Capital, said the building has 34 tenants. He said there are many applications for the remaining units, but it takes time for the property management company to verify income eligibility.
“Our anticipation is to have this thing leased up by Dec. 31,” Williams said. “It’s about how fast they can process to get folks in the building, because the demand is there.”
The building also includes between 6,300 SF and 6,500 SF of planned retail space. Exact is seeking tenants for the space at $40 to $45 per SF, he said.
The Skyline project received backing from Goldman Sachs, Stonehenge, Local Initiatives Support Corp. and Walker & Dunlop, Atlanta Business Chronicle reports.
The project also received $2M in funding from the Atlanta BeltLine nonprofit, a tax-exempt bond from Invest Atlanta’s Urban Residential Finance Authority and low-income housing tax credits from the Georgia Department of Community Affairs, according to Urbanize Atlanta.
The apartment tower is on Hank Aaron Drive, less than a mile from Center Parc Stadium, formerly Turner Field. Many of the apartments have unobstructed views of Atlanta’s skyline.
The development sits near the soon-to-be-completed Southside Trail leading to downtown Atlanta and will be on the final stop on the MARTA’s first bus rapid transit line. The transit line is slated to open in April, according to the ABC.
Skyline’s completion is the first phase of development for the 1.8M SF property. The three-phase plan includes up to 875 apartments and 30K SF of retail space in total, according to Exact Capital’s website.
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