In a joint venture with Columbia Residential and in conjunction with the non-profit SUMMECH Community Development Corp. has paid $25 million for City Views at Rosa Burney Park, an affordable community with 181 Section 8 and Low Income Housing Tax Credit (LIHTC) units, in Atlanta.
The seller was not disclosed.
A $16.5 million renovation of the property is planned, which will include new roofs, windows, elevators and façade.
City Views, which offers two- to five-bedroom floor plans, is situated at 259 Richardson St. SW, a mile from downtown Atlanta.
Total renovations are expected to last 19 months.
