Atlanta Housing Announces Financial Closing on Revitalization of Columbia Heritage Senior Residences
Major renovation at the former Perry Homes site will preserve 124 AH-assisted  affordable units for seniors and disabled residents
Atlanta Housing (AH) recently announced the financial closing of Columbia Heritage Senior Preservation, marking the beginning of a significant renovation project. The development, located at 1900 Perry Blvd. NW, will undergo extensive upgrades to provide residents with modernized units, enhanced common areas, and an on-site primary healthcare facility. The 14-month construction project has a total development budget of approximately $28.7 million.
The 131-unit mixed-income community will feature 124 AH-assisted affordable HomeFlex units for residents earning up to 60% of the area median income. Originally developed in 2003 as Columbia Heritage Senior Residences, the property was built on the former Perry Homes public housing site, which was a key element of the Perry Homes (West Highlands) revitalization master plan. This project comes as the former development, Columbia Heritage Senior Residences, exits its Low-Income Housing Tax Credit (LIHTC) compliance period and requires substantial rehabilitation.
Along with generations of everyday Atlantans, Perry Homes was home to several famed hip-hop artists and Dorothy Bolden, who fought tirelessly for workers' rights. This renovation will enhance the quality of life for senior residents and further demonstrates Atlanta Housing’s commitment to ensuring that our senior and disabled residents have access to service-enriched homes that allow them to enjoy our vibrant neighborhoods.
Transaction Details:
Columbia Heritage Senior Preservation, LP acquired the property for approximately $10.1 million. Columbia Heritage Senior Partners, LLC, an affiliate of Columbia Residential, serves as the General Partner. AH has a 65-year ground lease and will receive ground lease payments and a right of first offer and purchase option. The project is mandated to provide affordable housing for low-income families, and
it is financed through LIHTC equity, mortgage loans, and additional funding from Truist Community Capital, LLC. The Urban Residential Finance Authority of Atlanta issued multifamily housing revenue notes to facilitate these loans. Loan proceeds will cover acquisition, rehabilitation, and development costs.