Monarch Private Capital Finances New Affordable Housing Development in Georgia
The new rental community provides quality homes to seniors and supports continued growth in Fairburn
Monarch Private Capital, a nationally recognized ESG investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit (LIHTC) equity for a $27 million affordable housing development called Jonesboro Road Senior Village in Fairburn, Georgia.
The Jonesboro Road Senior Village apartment community is located at 3895 Jonesboro Road in Fairburn, Georgia. The new development will consist of 110 one- and two-bedroom units available for senior households ages 62 and older earning at or below 60 percent of the Area Median Income (AMI). The three-story apartment building will feature a covered entry/drop-off area, an elevator lobby, community room with a warming kitchen, library and computer room, and activity space. Unit amenities will include central A/C, fully equipped kitchens with Energy Star appliances and washer and dryer hookups. The property will offer six accessible units and three hearing and visually impaired units. Monarch partnered with Gateway Development Corporation to complete the project, which is expected to be available for rent in 2023.
Jonesboro Road Senior Village is located in Fairburn, Georgia, a closely linked suburb of Atlanta offering a charming hometown feel and an increasing array of community resources, living and business opportunities. Upholding its slogan “Situated to Succeed,” Fairburn also enjoys the advantages of the nearby Atlanta metropolitan area, positioned just under 20 miles from downtown Atlanta and about eight miles from Hartsfield-Jackson International Airport. The City is currently making significant strides in its urban redevelopment plans, supporting economic growth and implementing creative placemaking initiatives to provide both current and future residents with quality, vibrant and versatile communities where they can live, work and play.
In addition to addressing Georgia’s critical shortage of affordable housing units, the Jonesboro Road Senior Village development will have a significant impact on the local economy. Based on estimations from a National Association of Home Builders (NAHB) report, the project is expected to create over 150 jobs and generate more than $12.9 million in local income in the first year alone.
“Increased access to affordable housing is essential to fostering an economically thriving community and elevating local quality of life,” said Brent Barringer, Partner & Managing Director of LIHTC at Monarch. “Through collaboration with Gateway Development Corporation, we’re able to support Fairburn’s redevelopment efforts by providing seniors with clean, comfortable and stable rental homes at an affordable price.”
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the U.S.
About Gateway Development Corporation
For nearly 40 years, Gateway Development Corporation and its affiliates (The Gateway Companies) have developed, owned and operated affordable, workforce, conventional and senior multifamily housing communities throughout the Southeast United States. This distinguished length of performance in the industry was built on honoring commitments and ensuring consistent quality. Its team, partners and long-term service providers worked tirelessly to help establish its track record and today, that track record is one of its greatest assets. Since formation, The Gateway Companies have developed more than 100 communities with over 7,000 housing units, across six states.
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