Atlanta – Atlanta Housing (AH), in partnership with TCE Development, Radiant Development Partners, EQ Housing Advisors, and Atlanta Neighborhood Development Partnership, is proud to announce the financial closing for Phase II of the redevelopment of the former Sylvan Circle Apartments. This milestone reflects ongoing progress in delivering affordable housing in southwest Atlanta and strengthening AH’s commitment to revitalizing historic communities.
Sylvan Hills II Family Apartments will be built on a 10.2-acre site in Southwest Atlanta featuring 233 units of newly constructed affordable family apartments and townhomes.
“At Atlanta Housing we are focused on creating opportunities for individuals, families, and children so they can thrive in our great city,” Atlanta Housing President and CEO Terri M. Lee said. “To reach that goal we first must ensure Atlanta is a city everyone can call home. The Sylvan Hills II redevelopment will give families an affordable option to call Atlanta home for many years to come and helps us work toward our goal of creating life changing opportunities. We are excited that construction can now begin.”
Units will range in size from studios to one- and two-bedroom apartments, and three-bedroom townhomes.
Sylvan Hills II will neighbor the first phase of redevelopment which was completed in 2022 and is now fully occupied. In the initial phase 184-units of affordable senior housing were created.
The closing of $52.7 million in financing last week paves the way for an estimated 20-month construction period that will begin in June. The first units are expected to be available for rent in late 2026.
The 233 units will be made available to residents of various income levels.
- 24 units for residents earning at or below 50 percent of the area median income (AMI)
- 93 units for residents below 60 percent of the AMI
- 116 units for residents below 80 percent of the AMI
Sylvan Hills II is the result of a public-private partnership with eight different layers of financing and several different governmental entities involved as both lenders and development partners.
“We are optimistic that this truly collaborative approach with our development and financial partners, which amounted to eight layers of financing sources, will serve as a model for which new development of affordable housing can be created in and around the City of Atlanta,” said TCE Development Principal Rod Teachey. “We thank all our financing partners for working through this very complicated transaction and getting us to this important milestone.”
“Sylvan Hills II stands as a shining example of what’s possible when public and private sectors come together with a shared vision for equitable, community-centered development,” said Radiant Development Partners Founder and Principal Sharon Guest. “Together, we’ve turned bold ideas into real progress, building not just housing, but the foundation for a stronger, more inclusive Atlanta.”
“Sylvan Hills II, a 233-unit affordable housing development for families—delivered without the use of Low-Income Housing Tax Credits—stands as a powerful testament to what’s possible when mission-aligned partners come together with creativity, trust, and a shared vision for inclusive growth,” said Marc Pollack, President & Board Chair of EQ Housing Advisors, Inc.
The currently undeveloped land had been managed prior to closing by the Atlanta Neighborhood Development Partnership.
“ANDP undertook a thorough evaluation of how best to deliver quality affordable housing on our remaining land in the vibrant Sylvan Hills neighborhood — with a focus on long-term community impact,” said John O’Callaghan, President and CEO of ANDP. “We’re proud to have found creative, patient, and mission-driven partners who brought this vision to life. I’m deeply grateful to this outstanding team of developers and funders who made it happen.”
Funding for the $52.679 million project includes an FHA loan from Walker & Dunlop, as well as financing from Atlanta Housing, Invest Atlanta, the City of Atlanta, and the Community Foundation of Greater Atlanta.
Each unit will feature full amenities with energy-efficient appliances. Other amenities will include free Wi-Fi for residents in common areas, on-site management and leasing office, indoor community room, computer lab, fitness center, children’s activity room, an outdoor community space and gathering areas, a playground, and landscaped green areas.
Financing:
- $31,655,600 FHA Loan (Walker & Dunlop)
- $10,000,000 Co-Investment Fund Loan (Atlanta Housing)
- $5,000,000 TogetherATL Grant (Community Foundation of Greater Atlanta)
- $2,500,000 Housing Opportunity Bond Fund (Invest Atlanta)
- $1,020,600 HOME Grant (City of Atlanta)
- $1,000,000 Seller’s Note (Atlanta Neighborhood Development Partnership, Inc.)
- $960,000 Home First Grant (Partners for H.O.M.E., Inc.)
- $543,600 Capital Magnet Loan (ANDP and Reinvestment Fund)
- Total development cost: $52,679,800
General Contractor: Linden Construction of South Carolina, Inc.
Architect: Geheber Lewis Architects
ABOUT ATLANTA HOUSING
President and Chief Executive Officer Terri M. Lee leads The Housing Authority of the City of Atlanta, Georgia (AH), the largest housing authority in Georgia and one of the largest in the nation. AH carries the prestigious Moving to Work (MTW) designation and serves as an industry leader in providing and facilitating affordable housing resources for nearly 27,000 low-income households comprised of approximately 45,000 people through its AH-owned residential communities, tenant-based and project-based vouchers, supportive housing, as well as down payment assistance, where innovation leads the approach to making the dream of homeownership attainable for more Atlantans. Atlanta Housing programs are funded by the U.S. Department of Housing and Urban Development.
Visit AH at www.atlantahousing.org or follow us on social media @housingatlanta.