ASREF’s $2.6M investment funded the renovation of this completely vacant apartment complex, transforming it into 40 low-income affordable units in the heart of Atlanta.
ASREF made a PRI equity investment into the vacant multifamily building known as The 12Hundred. The property had been 100% vacant due to life safety issues that Tenth Street Ventures (“Sponsor”) will be curing during the repairs and renovations that they are making to the project. ASREF requires that 100% of units are affordable to individuals making less than 60% AMI for a period of 10 years. The redevelopment turned a 20-unit building into 40 units, and the proposed micro units are furnished with murphy bed/sofa, pullout table, combo washer/dryer, stove and microwave. The sponsor is carrying $5,000 per unit for furnishing and is the approximate amount used in previous developments in Atlanta.
Additional furnishings based on Sponsor experience include art and silverware, enabling a “live in ready” home while still at 60% AMI. 10 units are designated for individuals experiencing homelessness.
ASREF provided $2.6M of equity at a rate of 8% IRR which required the Sponsor to place a 10-year land use restriction agreement (“LURA”) requiring 100% of the units be affordable at 60% AMI or less. This LURA is placed prior to the end of the construction period. The Sponsor also received a $400,000 HomeFirst grant through Partners for HOME, allowing 10 units to be set aside for permanent supportive housing and to be included in the LURA language.
| Asset Type | Residential |
| Development Type | Redevelopment |
| Previous Use | Residence |
| Investment Closing Date | 2020-04-19 |
| Total Development Area | 68614 |
| Construction Timeframe | Start: Apr 2021; Finish: Mar 2022 |
$1.1M
$1.1M
$2.6M
$0.3M
$2.9M
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TENTH STREET VENTURES. (TSV) is a full service real estate group specializing in acquiring and enhancing in-town real estate assets. Tenth Street Ventures is the preeminent design-focused, value add platform, with a successful track record. TSV applies unconventional thinking and an uncommon approach to turn challenging real estate deals into profitable investments.
| Location | 1200 Mobile ST NW, Atlanta, GA, 30314 |
| Area | Atlanta |
| LMI Community Status | Moderate |
| Unemployment Rate | 13% |
| Poverty Rate | 26% |
| % Minority | 99% (96% African American) |
Atlanta TV station 11Alive covered the ribbon cutting for ASREF’s 12Hundred Studios project, a 40-unit affordable housing complex in the Hunter Hills neighborhood.
TV outlet Atlanta News First covers the ribbon cutting for 12Hundred Studios, a low-income affordable apartment complex financed by ASREF.
Industry publication Urbanize Atlanta writes about ASREF’s innovative transformation of a vacant 20-unit building into 40 low-income affordable housing units.
Tenth Street Ventures partners Miles Alexander III and Alexander Goshen and Richard Taylor with ARRC Capital Partners, along with Atlanta Mayor Andre Dickens and other officials, celebrated the ribbon cutting of 12Hundred Studios at 1200 Mobile St., a 40-unit, garden-style apartment complex in the Hunter Hills neighborhood just West of downtown Atlanta.
ASREF I project 12Hundred Studios was recognized by the Atlanta Regional Commission for its innovative solution to one of metro Atlanta’s most pressing challenges – affordable housing.
Civic engagement publication Atlanta Civic Circle writes about ASREF's new 40 fully furnished affordable housing units at 12Hundred Studios.
Markets data and news reporter Markets Business Insider covers the ribbon cutting at 12Hundred Studios at 1200 Mobile St., a 40-unit apartment complex in Atlanta's Hunter Hills neighborhood.
ASREF’s $2.6 million preferred equity investment in the 1200 Mobile redevelopment is revitalizing and stabilizing an underserved Moderate-Income census tract by providing accessible housing. The project created 40 high quality furnished affordable housing units with rents capped at 60% AMI.
