ATLANTA AND LAWRENCEVILLE, GA. — Advantage Capital has leveraged roughly $53 million in state Low-Income Housing Tax Credits to finance the development of three communities in the Atlanta metropolitan area. The properties total 623 apartments, which will be available to families and seniors earning at or below the area median income.
Zimmerman Properties will use the financing to develop The Flats at Stone Hogan, a $99.9 million, 256-unit project, and The Villas at Stone Hogan, a $68.9 million, 192-unit complex for seniors over the age of 55. Both properties are located in Atlanta.
Additionally, Mansermar Development and Rebuild America will use the funds to complete the acquisition and rehabilitation of Applewood Towers I and Applewood Towers II in Lawrenceville, about 30 miles northeast of downtown Atlanta. Both properties were originally constructed with HUD Section 202 financing and serve seniors 62 and older.