Reinvestment Fund is financing the acquisition and rehabilitation of Wyncove Apartments, which will preserve market affordable multi-family residential rental units in East Point, GA.
The Wyncove Apartment complex is a six-acre site with 14 buildings located in East Point, just outside Atlanta’s perimeter in the South Fulton section of the Atlanta metro area. Reinvestment Fund is providing financing for this project in partnership with the Atlanta Neighborhood Development Partnership (ANDP). 33 Holdings is the developer on the project.
Built in 1974, the 108-unit property has 121,536 rentable square feet and contains a pool, which will be converted to a play area, and a clubhouse building. The townhome style units come with fully equipped kitchens, washer/dryer connections, central heat, air conditioning and private patios. The homes will be affordable to households earning 65% of the area median income.
Wyncove Apartments is located within a five minute drive to Atlanta Hartsfield Airport and a twenty minute drive from downtown Atlanta. This area is home to nearly 32,000 people and is majority African American.
The complex is close to employment at Camp Creek Business Center, and within three miles of a retail center that includes Target, Lowes, and several other retailers and restaurants. The property is also adjacent to public playing fields, and the local municipality is currently expanding the facility to include a running track and tennis and basketball courts.