The 214-unit luxury apartment community 12th & James recently sold for $39 million and will be converted into affordable housing through a public-private partnership.
Aspen Square Management sold the asset, which is located at 1212 James Jackson Parkway NW in the Upper Westside, to EQ Housing Advisors Inc.
EQ Housing partnered with Atlantica Properties for the conversion, which will see all units dedicated to long-term affordable housing. An agreement with the Atlanta Urban Development Corporation ensures the units will remain affordable for at least 25 years.
Half the apartments will be affordable for families earning up to 80% of the area median income, or approximately $73,120 for a two-person household. Some units will have rental rates as low as $1,071 for a one-bedroom unit and $1,285 for a two-bedroom.
JLL Capital Markets’ investment sales and advisory team, led by senior managing directors John Weber and Peter Yorck, worked on behalf of Aspen Square in the transaction.
“12th & James represents a compelling investment opportunity in a supply-constrained submarket with exceptional growth fundamentals,” Weber said. “The property offers significant operational upside through expense normalization and occupancy stabilization in an area experiencing tremendous commercial investment and infrastructure improvements.”
Built in 2002, 12th & James comprises 189 partially renovated and 25 original apartments in one-, two- and three-bedroom layouts. The partially renovated units include upgrades like white cabinetry, new countertops, tile backsplashes, stainless-steel appliances, Nest thermostats and smart-home features. Community amenities include a resort-style pool, fitness center, business center, outdoor kitchen and off-leash dog park.
