Atlanta-based private equity investment firm Grind Capital Group has plans to develop an 84-unit affordable housing project in the Blair Villa/Poole Creek neighborhood at 3393 Jonesboro Road SE, according to plans filed with the city earlier this spring.
In an application to rezone the roughly 3-acre site, which currently only holds billboard signage, the developer requests a change from R-4 (single-family residential) to MR-3 (multifamily residential). The plans are scheduled to go before Neighborhood Planning Unit – Z Monday evening.
The project site is owned by Donald H. Murphy, according to the rezoning application on file with the city.
Project plans call for two three-story, garden-style apartment buildings with a mix of 48 studios, 12 one-bedrooms, and 24 two-bedrooms. Each of the units would be workforce housing targeting households between 60 percent and 80 percent of area median income, according to Grind Capital Group CEO Justin Golshir. Below-market-rate rents for the 439-square-foot studios are listed in planning documents at an expected rate of $679, while those for the 653-square-foot ones and 873-square-foot twos are expected at $849 and $1,089, respectively, plans show.
The developer lists an expected completion of Q4 2022 for the project, which it names Southside Park Apartments in planning documents.
The development would rise just across Jonesboro Road from the Atlanta Southside Sports Complex, within five miles northeast of the Hartsfield-Jackson Atlanta International Airport. The project site also borders plans to the south for a logistics center at 3435 Jonesboro Rd.
According to its website, Grind Capital Group specializes in investments in businesses as well as real estate development.