Comunidad Partners and Nuveen Acquire Affordable Multifamily Community in Culturally Diverse Atlanta Submarket Neighborhood
Comunidad Partners, a minority and women-owned real estate investment firm that specializes in workforce / affordable housing communities in culturally diverse neighborhoods, in partnership with global investment manager Nuveen, has acquired Village at the Creek, a 603-unit affordable and workforce housing community in Clarkston, Georgia in an off-market transaction.
This acquisition represents Comunidad’s continued mission of bringing institutional capital to underserved markets with diverse populations across the sunbelt region of the U.S., according to Antonio Marquez, Comunidad’s Managing Partner.
“This particular location within the Atlanta submarket is dubbed ‘the most diverse square mile in America’ as it is a melting pot of immigrants, migrants and refugees who have come to the U.S. seeking a better life,” explains Marquez. “This acquisition is closely aligned with our investment mission of creating culturally-relevant, inclusive communities that are tailored to the various ethnicities that live within the communities we serve and in markets that are poised for long-term economic growth.”
This represents Comunidad’s fifth acquisition in the Atlanta market bringing its total holdings in the area to more than 1,566 units.
“The Atlanta market, including Clarkston, has undergone tremendous growth over the last several years yet is experiencing an affordable housing crisis along with a gap in resources and services that are needed to support residents that are critical to the local workforce,” says Marquez. “We are thrilled to partner with Nuveen given there is significant mission alignment and impact commitment amongst our firms that we anticipate will translate into positively impacting this important community.”
Comunidad specializes in revitalizing affordable and workforce apartments in infill locations and implementing its specialized cultural management platform, which includes cultural upgrades, community investment initiatives, and social impact programs that aid in building a sense of community and improving resident lives.
“We place a significant emphasis on investing in our residents,” says Marquez. “In doing so, we foster environments that create opportunity in education, health, and equity through upward economic mobility for residents, which improves resident resiliency and positively transforms our communities. For example, in many of our communities, we integrate social programs such as ESL classes, job fairs, health and wellness programs, and after-school programs, among many others that help build income and lower household expenditures to drive resident wealth. These programs are carefully curated to fit the needs of that particular community.”
According to Pamela West, Managing Director, Global Real Estate, Impact Investing at Nuveen, the firm’s focus on social and environmental impact was one of the major reasons they decided to partner with Comunidad.
“We were extremely attracted to this community for several reasons,” says West. “First, it is located in an economically and culturally diverse neighborhood that is poised for continued growth. Secondly, it is closely tied to our focus on impact from both a social programming standpoint and long-term preservation perspective. Comunidad has an exceptional track record and we are excited to be partnering with them in this shared mission.”
In addition to social programming, Comunidad plans to implement a series of capital improvements and renovations to update the property, including updates to the clubhouse, a new playground to promote kid’s health & activity, a new soccer court, interior upgrades, and curing deferred maintenance in order to continue the preservation of decent, quality affordable housing in the Atlanta metro.
“The clubhouse will be renovated and will specifically be updated through a social impact lens,” says Marquez. “It will be constructed to include places to facilitate resident supportive services and other programming, as well as serve as a gathering place for residents.”
Village at the Creek is located at 751 N. Indian Creek Drive in Clarkston, Georgia.
Source: Multifamily Biz