Jair Lynch Real Estate Partners said the purchase will be the first of many it will make in Atlanta and the Southeast.
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Looking for a home that won’t break the bank? Realtor.com identified the states with the most affordable homes for sale in the nation.
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The Skyline Apartments community is part of a larger, multi-phase public-private partnership in the Peoplestown area that will ultimately bring 1.8 million square feet of development.
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The 100%-affordable development will be known as Madison Reynoldstown and comprise two midrise buildings on a 1.2-acre parcel on the corner of Memorial Drive and Chester Avenue.
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Plans for the downtown development call for 320 residences, 85% of which will be designated affordable, plus new space for the church’s Atlanta First Day School, a new fellowship hall and street-level retail.
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Infinity Real Estate Advisors LLC used two loans aggregating $60 million to make the acquisitions.
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As president of Columbia Residential, Carmen Chubb will be responsible for managing the company’s development, asset-management and housing-preservation divisions.
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The mortgage giants have earmarked the money for two programs aimed at encouraging the construction and preservation of affordable housing.
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The financing will be used by an affiliate of Lincoln Avenue Capital to acquire the historic loft property and preserve its 201 units of affordable housing.
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Founded in 2017, PadSplit is a public benefit corporation that uses an Airbnb-style marketplace for affordable shared-housing options for lower-income individuals.
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