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Tenth Street Ventures (TSV) along with partners Miles Alexander III at Alexander Goshen, and Richard Taylor with ARRC Capital Partners, have purchased 1200 Mobile St. NW, a 20-unit garden-style apartment complex in the Hunter Hills neighborhood.
Atlanta Affordable Housing Fund (AAHF) provided the senior loan for the project, while The American South Real Estate Fund (ASREF) provided equity. The team closed on the project on April 19, 2021, and is using no subsidies to create this attainable housing.
ASREF, a joint venture between Strategic Development Solutions and Vintage Realty Company, is an impact fund that seeks to finance projects that positively impact low-income and moderate-income communities in need of economic and community development. ASREF is focused on 10 states across the Southern U.S. and provides equity, preferred equity, and mezzanine debt for third-party real estate developers.
The team plans to convert the property into 40 studio apartments, which will be fully furnished, and all of which will be offered for rents at 60 percent of Area Median Income (AMI).
“We will be making people proud of where they live, incorporating a substantial amount of art and design into the apartment homes,” Brian McCarthy, a principal at TSV, said in a press release Monday. “Drastically reducing the costs of moving in and moving out through fully furnishing the homes, which is one of the hardest and most costly parts of moving. We are working to make comfortable high-quality living more attainable for our future tenants with our Affordable Lifestyle Living or A.L.L. Where lifestyle living isn’t just for those that can afford luxury living.”
Built in 1960, 1200 Mobile St. consists of two apartment buildings totaling 11,848 square feet in Hunter Hills, a neighborhood that came to life in the 1940s and 1950s as one of the few planned Black communities of its time, attracting both blue- and white-collar home owners to its traditional cottages and ranch style houses.
Future residents of 1200 Mobile will live on the planned Westside expansion of the Atlanta BeltLine and will be close to MARTA’s West Lake station, nearby interstates, the Quarry Yards development, and several planned parks.