Columbia Residential has purchased Capitol View Apartments, located near a primary entrance to the Atlanta BeltLine’s Westside Trail in the Adair Park neighborhood. The southwest Atlanta complex will be restored and preserved, creating a high-quality affordable community directly on the BeltLine—a planned 22-mile loop of greenspace, pathways and modern streetcar designed to connect 45 intown Atlanta neighborhoods.
The purchase of Capitol View Apartments was made possible through a $5 million acquisition loan from Enterprise Community Loan Fund with a guarantee by the Casey Foundation, a $1.5 million in Housing Opportunity Bond financing from the City of Atlantathrough Invest Atlanta and a $1.5 million loan from the Georgia Housing and Finance Authority. The renovation will be financed through low-income housing tax credits, historic renovation tax credits and a range of local and state housing program resources, as well as private investment.
Originally built in 1948, Capitol View currently consists of 120 units at Metropolitan Parkway and University Avenue. Redevelopment plans will focus on sustainable renovation and construction in a manner compatible with preserving the history of the community. The one- and two-bedroom apartment homes will serve families and individuals earning 50-70% of area median income in a location where development pressure and revitalization are putting affordable housing out of reach for many families.