National Church Residences announces the acquisition of Princeton Court Apartments, an affordable mixed-income community for seniors, in College Park, Georgia. Princeton Court, which was financed originally through the Low Income Housing Tax Credit program, offers one- and two-bedroom homes to residents age 55 and older, with a wide range of rent affordability.
Located at 2633 Howard Drive, the property features 12 residences in the historic S.R. Young schoolhouse built in 1927 and converted into affordable senior housing in 2005. A modern three-story building houses 19 one-bedroom and 85 two-bedroom apartments. Amenities include a library, computer room, exercise center, movie and events theater, laundry room, clubhouse, and game room with a pool table. In addition, Princeton Court is in a walkable neighborhood, adjacent to a city park and convenient to downtown College Park.
“In acquiring Princeton Court Apartments, National Church Residents is able to preserve another affordable housing property in an area where there is a critical need for senior housing and services,” said Daniel Patrick, director of senior housing acquisitions at National Church Residences. “This also gives us the opportunity to grow our portfolio in the Atlanta market where we already have invested for the long-term.”
The property was initially developed by One Street Residential (formerly Norsouth Companies), who will continue to provide management services to the property.
“Of all the properties we’ve developed, Princeton Court has always been one of my favorites, and we continue to believe in the future of College Park” said Dave Dixon, One Street’s managing partner. “The property features a unique combination of affordability, with high quality amenities. We’re thrilled to see National Church Residences acquire it and know they’ll ensure its preservation, as a treasured community asset and critically important affordable housing, for many years to come.”
National Church Residences will undertake modest renovations and property upgrades in the immediate future, while planning for a more extensive capital upgrade program, utilizing new tax credits, to preserve the property as a high quality asset for the its residents and the College Park community.
The property is located on the south side of the Atlanta metro area in a region that is on the cusp of major development, which is concentrated around the City of College Park and the Hartsfield-Jackson Atlanta International Airport.
This acquisition adds another 116 units of senior housing to the Atlanta portfolio. Altogether, National Church Residences now has 1,347 apartments spread across nine communities in this region.
About National Church Residences
National Church Residences serves more than 42,000 seniors through its array of housing and health care services. The not-for-profit organization is driven by a vision of advancing better living for all seniors, enabling them to remain home for life. With 340 communities in 25 states and Puerto Rico, it is the nation’s largest not-for-profit provider of affordable senior housing and the largest manager of service coordinators. The organization also offers residential senior communities, home and community-based services, as well as permanent supportive housing for the formerly homeless and disabled. For more information, visit us at NationalChurchResidences.org and follow us on Facebook, Twitter and YouTube.