Developers Celebrate Ribbon Cutting with Atlanta Mayor Andre Dickens on 12HUNDRED STUDIOS on Mobile ST in Atlanta’s Hunter Hills
ATLANTA, Oct. 17, 2022 /PRNewswire/ -- Miles Alexander III of Alexander Goshen partners with Tenth Street Ventures, ARRC Capital Partners along with Atlanta Mayor Andre Dickens, U.S. Congresswoman Nikema Williams, Georgia Senator Sonya Halpern and Atlanta City Councilmember Byron Amos celebrated the ribbon cutting of 12Hundred Studios at 1200 Mobile St., a 40-unit apartment complex in Atlanta's Hunter Hills neighborhood. Atlanta Affordable Housing Fund (AAHF) provided the senior loan for the project, while American South Fund Management (ASFM) provided equity.
The team converted the vacant property into 40 fully furnished studio apartments, all of which have attainable rents at 60 percent of Area Median Income (AMI). Additionally, 25% of units are reserved for unhoused individuals through partnerships with Open Doors and HomeFirst. 12Hundred Studios won CoStar's 2022 Impact Award for Best New Multifamily Development in Atlanta.
"Affordable housing is a major tenet of my vision for Atlanta - to make sure that Atlanta is a city of opportunities for all. We want to offer residents safe, affordable, quality housing options and that's what we have here," said Atlanta Mayor Andre Dickens at the ribbon cutting event. "It's important to applaud these five partners that worked together diligently to make this move-in ready, affordable and permanent supportive housing."
Miles Alexander III, principal at Alexander Goshen, added, “This space shows the intersection of creative edge and affordable living in the city of Atlanta. Through the use of art and design, we’re paving the way for a new standard of affordable living.”
ASFM, a joint venture between SDS Capital Group and Vintage Realty Company, manages impact funds that seek to finance projects that positively impact low-income and moderate-income communities across the Southern U.S.
The 12Hundred project exemplifies what can be achieved when you combine the acumen of a developer such as Tenth Street with the capital of an impact fund. ASFM is proud to have partnered on such a significant community project," said Deborah La Franchi, ASFM Managing Partner.