In a significant move towards improving housing accessibility, a Westside Atlanta complex is set to undergo an affordable housing conversion, led by none other than a co-founder of Rangewater.
The 12th & James Apartments, a 214-unit development located on Atlanta’s Westside, three miles from the Westside Reservoir Park, has been purchased by Atlantica Properties and EQ Housing Advisors, a nonprofit organization chaired by former Pollack Shores CEO Marc Pollack.
While details regarding the seller and the sale price remain undisclosed, Fulton County records reveal that the previous owner was Micah Philanthropies, located in Agawam, Massachusetts.
Under the new ownership, 12th & James will transition back to serving affordable housing needs. Half of the units will be designated for households earning below 80% of the area median income, while the remaining units will be offered at market rates.
The acquisition was facilitated through a Freddie Mac Targeted Affordable Housing loan, alongside equity from mission-driven investors, including the Atlanta Neighborhood Development Partnership, the Community Foundation for Greater Atlanta, and Partners for Home.
Property management will be overseen by TI Asset Management, a company founded by Atlantica principals Darion and Trent Dunn.
“Safeguarding these homes for those who need them most ensures Atlantans can live where they work and stay rooted in the communities they serve,” Darion Dunn emphasized.
He added that this partnership is leading the charge to create a new benchmark in preserving mixed-income housing by strategically leveraging both public and private resources.
The complex, originally built as an affordable housing project in 2002, had been converted to market-rate housing, with rents currently ranging from $1,500 to $1,900 per month.
In an effort to guarantee that the property remains affordable for at least the next 25 years, the partnership has signed a ground lease with the Atlanta Urban Development Corp., a subsidiary of Atlanta Housing.
In other real estate developments, Triten Real Estate Partners, based in Houston, has made a notable acquisition by acquiring a 151,000 square foot warehouse located at 103 Enterprise Drive in Calhoun. The seller and sale price have not been publicly disclosed; however, records indicate that the previous owner, Boston-based Stag Industrial Inc., had purchased the property in 2014 for $2.6 million.
Triten’s press release stated that the warehouse is currently fully leased through 2025.
Furthermore, Ti Cold and Karis Cold Storage have broken ground on a $60 million cold storage facility in Darien, a coastal city situated approximately 60 miles south of Savannah, as announced by Governor Brian Kemp.
Operated by PermaCold Logistics, the facility is projected to support around 50 jobs upon its completion and will be situated in the Tidewaters Industrial Park in Darien.
This new facility will feature more than 30,000 pallet positions with temperature-controlled storage capabilities ranging from 40 to 10 degrees Fahrenheit.
In terms of leasing, Wesco International, a logistics firm, has extended its lease for 22,000 square feet at 226 Brown Industrial Parkway, which encompasses a total of 35,000 square feet. The landlord, California-based Indian Peak Investments, was represented by Highland Properties’ Scott Voelkel and Cullen Dickey, according to records from Cherokee County.
In personnel news, Panattoni Development Co. has announced the appointment of Joe Guion as partner for its Georgia operations, succeeding Dayne Pryor, who has now taken on the role of managing partner for the Southeast region.
Guion, a veteran with nearly 20 years of experience at Panattoni and having developed over 8 million square feet in the Southeast, previously held the position of senior development manager for Georgia.
Additionally, Triten Real Estate Partners has expanded its Atlanta team, welcoming several new hires, including Luke Schmit as an associate, Fazel Ahsan as asset manager—who previously worked for Brookfield Properties—and Ethan Gomez as an analyst.
This month, Triten officially established its Atlanta office, appointing Willie Ross, who joined from Faropoint in 2023, as its head.
Triten is an investment firm dedicated to the industrial and outdoor storage real estate sector, boasting 25 assets across the Southeastern United States.
Lastly, Toro Development Co. has hired Justin Long and David Pugh as vice presidents of development. They are tasked with managing the firm’s developments, including a significant $560 million mixed-use project in Johns Creek.
Long previously worked as director of development for Crescent Communities, while Pugh held the position of senior vice president at North American Properties.
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