New Jersey Community Capital announced a $1 million preferred equity investment in Buckhead Flats, an affordable senior living property in Atlanta’s historic and affluent Buckhead neighborhood.
The project marks the entry of NJCC into the Atlanta market as part of its commitment to bringing strategic, socially responsible investments to urban centers nationwide.
The fully renovated property offers studio, 1-bedroom, and 2-bedroom units and features amenities such as a fitness center, craft room, media center, and beauty and barber salon, as well as outdoor patio spaces and a dog park.
Senior citizens began occupying the 74-unit complex in May. The property is the first senior affordable property in Buckhead. 20% of the units are classified as affordable.
Community Asset Preservation Corporation, a subsidiary of NJCC, invested in Buckhead Flats in partnership with AnneMarie Community Partners and Junica Development, both based in Baltimore.
“Buckhead Flats project exemplifies two of NJCC’s primary objectives – investing in the creation of affordable housing and preserving properties through renovation and repurposing,” NJCC President and CEO Bernel Hall said. “That it provides the opportunity for our entry into the City of Atlanta and the state of Georgia as a whole, makes the investment even more significant.”
“Buckhead Flats is the first market-rate conversion to mixed-income / affordable housing project to be done in Buckhead, which is the most affluent neighborhood in Atlanta. It benefits seniors and non-seniors with special needs who desire a quiet, safe, secure building in a historic location,” Junica Development Chair Larry Jennings said. Jennings also participated in the founding of AnnMarie Community Partners.
