ASREF’s $4.6M investment transformed this partially inhabitable apartment complex into 240-units of livable affordable housing in the Atlanta metropolitan area.
The Langston is a 240-unit apartment building in Fulton County, Georgia. The property had faced extreme blight, with just 40% of units physically occupied. 30% of units were deemed uninhabitable due to extreme maintenance issues.
Nicas Group Capital is the developer that acquired the site and not only remodeled the building and addressed deferred maintenance issues to create high quality housing units, but also partnered with a local nonprofit to provide free education and healthcare services to residents. Post-renovation, 80% of the post-renovated units are be affordable at 60% AMI and 100% of rents are affordable at 80% AMI. In August 18, 2021 ASREF exited the project through bridge financing provided by Arbor Realty Trust.
| Asset Type | Residential |
| Development Type | Redevelopment |
| Previous Use | Residence |
| Investment Closing Date | 2019-08-28 |
| Total Development Area | 240 units (244,452 SF) |
| Construction Timeframe | Start: Jan 2020; Finish: Jul 2022 |
$12.0M
$12.0M
$4.6M
$0.5M
$5.1M
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NICAS GROUP CAPITAL, INC. is a multi-family real estate ownership, management and construction company. They focus on light to heavily distressed B and C class properties in the southeastern part of the US, such as “workforce housing” in secondary and tertiary markets around metropolitan areas. The property will be managed by Kairos Group, the property management arm of Nicas Group Capital.
| Location | 2301 Godby Rd., College Park, Atlanta, GA, 30349 |
| Area | College Park |
| LMI Community Status | Moderate |
| Unemployment Rate | 11% |
| Poverty Rate | 26% |
| % Minority | 96% (73% African American) |
ASREF’s $4.6 million preferred equity investment in The Langston redevelopment revitalized and stabilized an underserved Moderate-Income census tract by providing accessible housing. The project created 240 high quality affordable housing units with rents capped at 80% AMI.
