The ribbon cutting at the newly rennovated Springview Apartments. From left, Brandon Riddick-Seals, Interim CEO, Atlanta Housing; Tammie Workman, Assistant Superintendent, Student Services, Atlanta Public Schools; Eloisa Klementich, President and CEO, Invest Atlanta; Marjy Stagmeier, Partner, TriStar Real Estate Investment; Anyeé D. Payne, Principal, Cleveland Avenue Elementary School; Audrea Rease, Executive Director, Star-C; and Duncan Gibbs, also of TriStar. Image via TriStar.
Last week the ribbon was cut on Atlanta’s most recent affordable housing project. Springview Apartments, a 244-unit complex of two adjacent facilities, is just one factor that will help bring positive change to the Cleveland Ave. Corridor.
Springview and its neighboring property, Summerdale Apartments, were both purchased this summer by TriStar, a real estate investment company, with the support of Invest Atlanta and Atlanta Housing, according to program materials. The property received $1.5 million in funding from Invest Atlanta’s Housing Opportunity Bond program to renovate blighted units and restore the property. The partnership with Atlanta Housing’s HomeFlex Program, a voucher program that provides housing assistance to those living close to the poverty line, will help those in need take up residence in the new complex and ensure the property remains affordable into the foreseeable future.
“The Springview-Summerdale community represents a unique collaboration between the public, private and philanthropic sectors,” President and CEO of Invest Atlanta, Eloisa Klementich, said in a statement. “This holistic approach will provide residents with high-quality housing, as well as critically important wrap-around services including after-school, summer camp and wellness programs. We are proud to be part of this partnership that will lift up the individuals and families who reside here, as well as help build stronger communities that provide greater opportunities for all Atlantans.”
This project is part of Mayr Keisha Lance Bottoms larger initiative of investing $1 billion in affordable housing throughout Atlanta from public and private sources.