A Charleston-based developer is set to break ground on a new affordable housing community on Atlanta's Westside.
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Woodfield Development, in partnership with American South Capital Partners, is expecting to start construction soon on a $77M, 326-unit apartment project at 840 Woodrow Ave., according to a press release.
The partnership closed on the land this month, according to Woodfield, after Fulton County's economic development arm approved a $3.5M, 10-year property tax incentive to the developers in April, the Atlanta Business Chronicle previously reported.
The project will reserve 66 units for those earning 80% of the area median income and another 16 apartments for renters using public housing vouchers. The developers also plan to add commercial space, including repurposed shipping containers for local entrepreneurs to use for storefronts.
“This land closing is a significant step forward in bringing thoughtful, inclusive development to the Westside,” Woodfield Vice President Patrick Kassin said in the release.
Woodfield said it plans to start construction in the coming weeks. Atlanta-based Vida Cos. also has been a partner in the project during the entitlement process.
DEVELOPMENT
ECI Group, in a joint venture with Phoenix Capital, delivered Averly East Village, a $101M, 335-unit apartment complex in Roswell. The project is part of the East Village Shopping Center campus off Holcomb Bridge Road.
SALES
Atlanta-based Stonemont Financial Group purchased 3200 N. Berkeley Lake Road, a 38K SF warehouse on more than 5 acres in Duluth, for $6.1M, according to Gwinnett County property records. Stonemont acquired the property from P and L Investments.
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Fogelman Properties purchased the Hawthorne at Mirror Lake, a 250-unit apartment complex in Villa Rica. Price and details of the transaction weren't disclosed, but the previous owner, an LLC tied to North Carolina-based Hawthorne Residential Partners, paid $14.7M in 2015 for the property, according to property records in the Reonomy database.
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Braden Fellman Group purchased One Tower Creek, a 100K SF building at 3101 Tower Creek Parkway in the Cumberland/Galleria submarket, for $6.8M, Bisnow reported. Casey Keitchen, a senior managing director at Newmark, brokered the sale. The price is 40% less than the last time the building sold, in 2004. It is also 23% lower than what its previous owner, an affiliate of Mivne Group, was seeking when it listed the building last year for $8.8M.
LEASES
Swiss railcar assembler Stadler Signaling leased 7,200 SF for its signaling division office at Uptown Atlanta, the Atlanta Business Chronicle reported. Stadler won a $500M contract with MARTA last year to overhaul the transit system's train control system within eight years, according to the ABC. It will now open its first U.S. office at the 1M SF mixed-use redevelopment of the former Lindbergh City Center adjacent to MARTA's headquarters.
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Oxford Industries signed a 21K SF lease at 999 Peachtree in Atlanta, according to a permit application. It is unclear if Oxford Industries, which already occupies 14K SF at the 935K SF tower, according to CoStar data, is taking additional space or moving offices. Oxford is taking the space as is, with the existing finishes, according to the permit application filed by landlord Piedmont Realty Trust.
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