Groundbreaking Kicks Off Building of $76 Million Progressive Reasonably priced Senior Housing Collaboration in Atlanta Submarket

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Groundbreaking Kicks Off Construction of $76 Million Innovative Affordable Senior Housing Collaboration in Atlanta Submarket

ATLANTA, GA – After a groundbreaking ceremony, construction is underway on a new, affordable, 55+ community in Stockbridge, Clayton County, south of Atlanta. The $ 76 million property includes Villas at Mt Zion, an independent community for senior citizens (55+) with 96 units, and Flats at Mt Zion, a multi-family community of 210 units for families with children visiting Mount Zion Elementary schools and elementary schools.

"The apartments and villas at Mt. Zion will include a gated entrance with mutual easements so that all residents can enjoy the swimming pool, gym, computer library, playgrounds, outdoor garden, wellness center and Early Learning Center (ELC) . " says Duncan Gibbs, a TriStar partner. He advises that the ELC will be staffed by Star-C, Inc., a non-profit organization owned by Atlantic 501 (c) 3 that will provide free all-round on-site services, including an afternoon program and other educational, social and emotional achievements. Programming.

At the laying of the foundation stone, Dr. Morcease J. Beasley, Superintendent / CEO of Clayton County Public Schools, states that “By partnering with our school system and other public and nonprofit organizations like Star-C, this innovative housing community will help reduce impermanence, stabilize families and keep children in Clayton County schools where our district can help them complete their careers and degrees. "

The development is the first in an alliance between the two organizations: Zimmerman Properties, a construction company and developer of affordable housing, and TriStar, an investment firm focused on commercial real estate and mission-based funds for affordable housing. Together with the Summit Contracting Group, the two hosted the groundbreaking ceremony, which was attended by representatives from the many municipal and public institutions that were part of the innovative collaboration. The Mt. Zion projects are aimed at singles, families and seniors who earn within 50%, 60% and 70% of the median income of the region.

"The innovation of our alliance involves leveraging the longstanding experience of for-profit partners who work closely with the community and other public institutions that are critical to the success of such a project," says Gibbs. "along with an important non-profit stake from Star-C in the form of all-round services that help stabilize families, the housing community, the local school, and the larger community itself. It is a 'win'. for everyone involved. "

The groundbreaking ceremony for the Flats and the Villas at Mt. Zion (3297 Mount Zion Road, Stockbridge, Georgia 30281) was Michael Bryant, Housing Authority of Clayton County; Tab Bullard, Zimmerman Properties; DeMont Davis, Clayton County Councilor of Education; Audrea Rease, Star-C Programs; Marjy Stagmeier, TriStar; Benjamin Straker, Sr., Clayton County Councilor; and many others.

"The importance and need for fairer housing for the residents of Clayton is critical," said Jeffrey E. (Jeff) Turner, chairman of the Clayton County Board of Commissioners. "We are excited to be part of such an innovative model of public-private-not-for-profit partnership and hope that further efforts like this wonderful collaboration will benefit children, families, the housing community, local schools and the wider community."

Zimerman and TriStar are working with Star-C to investigate similar projects using LIHTC in Birmingham, Charleston, Charlotte and Greenville.

"On Mount Zion and, we believe, future projects, we benefit not only from our own collaboration, but also from real, solid partnerships with the county, the board of directors, the school system, the housing authority and many other public institutions.", Says Bob Davidson, COO, Zimmerman Properties. "With each project we learn from each other and improve the model for the next project, which we hope there will be many."

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