Construction is well underway on an 84-unit affordable housing apartment complex off Atlanta Highway/Ga. 13 in Oakwood.
The Peaks of Oakwood is taking shape across from Christ Place Church and between the Publix shopping center and Osborn Road. Access to the complex will be off Ga. 13.
The project is slated for completion in July 2020, with pre-leasing starting April 1, said Gary Hammond, principal of Atlanta-based Landbridge Development LLC.
For most units, potential renters will have to meet certain income restrictions to be able to lease at the complex. No such restrictions will apply to 13 units.
Rents at this point are expected to run between $475 and $855, not including utilities.
The units “will be repriced at opening,” Hammond said.
It will feature 12 one-bedroom units, 48 two-bedroom units and 24 three-bedroom units. Amenities will include a clubhouse, laundry, playground, wellness center and a covered pavilion with picnic tables and grills, Hammond said.
The $12 million, 9-acre complex was first pitched to city officials in 2016. It was one of 30 rental housing properties involving new construction or rehabilitation selected throughout the state in 2017 to receive $23.2 million in tax credits.
Hammond said in an earlier interview that federal housing tax credits were “the major financing source for the project, and I don’t believe we could move forward without (them).”
Unlike federal Section 8 housing, no rents will be government-subsidized, he said.
Instead, “rents … are artificially lower so that the units are built for people making a certain income based on household size,” Hammond said.
Still, Peaks of Oakwood, he said, would be “a very high-quality product that we’re capable of building for a reasonable rent.”
“People can agree or disagree on this type of housing, but there’s no denying there’s a lot of demand for it,” Hammond said.