Columbia Residential Completes $35m Redevelopment At Legacy At East Lake In Atlanta

ATLANTA — Columbia Residential, in partnership with Atlanta Housing and other public and private stakeholders, has completed a $35 million redevelopment at Legacy at East Lake in Atlanta and reopened the community. 

Originally built in the 1970s, the property features 149 studio and one-bedroom apartments across eight stories. Units are reserved for residents age 55 and older and households earning at or below 30, 50 and 60 percent of the area median income. Rents are capped at 30 percent of household income through project-based vouchers. 

Financing for the redevelopment included $12.4 million in equity from Truist Community Capital via 9 percent low-income housing tax credits allocated by the Georgia Department of Community Affairs; a $10.5 million construction-to-permanent loan from Atlanta Housing; an $8 million construction loan and $5.6 million permanent mortgage from Truist Bank; $4 million in National Housing Trust Funds from the Georgia Department of Community Affairs; $1 million in housing opportunity bond financing from Invest Atlanta; a $1 million seller note from Atlanta Housing; and $400,000 in deferred developer fees by Columbia Residential. 

Dash & Dwell coordinated resident relocations during construction, and a partnership with Matter Health now provides residents with access to in-home preventive care services. 

Founded in 1991, Columbia Residential is an Atlanta-based developer, owner and manager of affordable and mixed-income housing. Currently the company is on track to manage 10,000 affordable and mixed-income housing units across Georgia, Texas, Florida, Louisiana and Tennessee by the end of 2025. 

The post Columbia Residential Completes $35M Redevelopment at Legacy at East Lake in Atlanta appeared first on Seniors Housing Business.