An 84-unit apartment complex intended as an affordable housing option for residents is proposed off Atlanta Highway/Ga. 13 in Oakwood.
Sandy Springs-based Landbridge Acquisitions is seeking to build the $12.2 million complex on nearly 9 acres off Osborn Road and near Blackshear Place Baptist Church, and is now moving through government processes in the South Hall County city.
The Peaks at Oakwood, as it would be called, got the Oakwood Planning Commission’s recommendation earlier this month and now goes before the Oakwood City Council in May.
Tenants would have to meet income requirements, with rents varying from $430 to $725 per month for one-bedroom to three-bedroom units, said Gary Hammond Jr. of Landbridge.
“There are no rental subsidies” as part of the project, which is not related to federal Section 8 housing, he said.
Under Section 8, “tenants pay based on their income and ability to pay, and if they don’t have an income, they don’t have to pay any rent and the government picks up the rest,” Hammond said.
In the Oakwood project, “rents and incomes are artificially lower so that the units are built for people making a certain income based on household size,” he said.
In exchange for financial help from public agencies to help pay for apartment construction, “we’re going to set our rents so that those families find it affordable,” Hammond said.
“It’s a very high-quality product that we’re capable of building for a reasonable rent,” he said.
Hammond noted that 13 of the units “won’t be part of the program.”
“We typically don’t charge that much more for those (units), but we can,” he said. “There’s nothing that restricts us from doing that.”
The complex will feature a clubhouse, community room for resident gatherings and functions, laundry area and a playground and gazebo, Hammond said.
With the city’s approval and other hurdles to clear, Landbridge could start construction in May-June 2017. The project would take a year to complete, Hammond said.
Landbridge typically “builds the project and then manages it,” Oakwood City Manager Stan Brown said. “It’s not like a developer that comes in, gets his money and goes. They’ve done this throughout the state.”