ATLANTA — Aspen Square Management has sold 12th & James in Atlanta’s Upper Westside neighborhood to EQ Housing Advisors for $39 million. Under the new ownership, a public-private partnership with Atlantica Properties will convert the 214 apartments from market-rate to affordable housing. JLL represented Aspen Square in the deal.
EQ Housing Advisors is a nonprofit housing investment firm, and Atlantica is a for-profit developer and investor. EQ was founded in 2022 by former RangeWater Chairman Marc Pollack. All groups, except the seller, are Atlanta-based.
Atlanta Urban Development Corp. provided the ground lease to support affordability, guaranteeing affordable rents for a minimum of 25 years. Under the new owners, half the units will be affordable for families earning up to 80 percent of the area median income (AMI), which is approximately $73,120 for a two-person household.
Some units will have rental rates as low as $1,071 for a one-bedroom and $1,285 for a two-bedroom. According to Axios, the remaining half of the units will be rent-stabilized. Additionally, existing tenants who meet the criteria for the affordable units may qualify for the AMI-capped rents as well.
Built in 2002, 12th & James features one-, two- and three-bedroom layouts and such amenities as a resort-style pool, fitness and business centers, an outdoor kitchen and a dog park. The new owners will resume previous renovation efforts that targeted in-unit upgrades for 189 of the apartments.
JLL Capital Market’s Investment Sales and Advisory team was led by Senior Managing Directors John Weber and Peter Yorck, Director Nick Brown and Vice President Dean Shoham.