‘Truly Affordable’ Residential Project Lands in Southwest Atlanta
In an attempt to resist the pressures of gentrification, a fresh residential project known as Avenue at Oakland City emerges in Southwest Atlanta after five years of planning. With its proximate location to MARTA, BeltLine, and Lee + White, this initiative, once referred to as Tucker Avenue Homes, offers the promise of ‘truly affordable BeltLine living’.
Design For Affordability
The project is a $12.8-million venture by the Atlanta Land Trust (ALT) and is hitting the market with a striking 36-unit community. Stretching across Murphy Avenue and roughly four blocks from the BeltLine’s Westside Trail, the formerly named Tucker Avenue Homes has been rebranded as Avenue at Oakland City. Recent sales listings from Keller Williams Realty have repeated the claim of ‘truly affordable’ housing as they introduce the project to potential homeowners.
What Does Affordability Mean?
In terms of Avenue at Oakland City, affordability translates into housing options offered at a reasonable price. The least expensive townhouse currently available is priced at $250,000, with an additional $187 per month in homeowners association fees. This rate secures buyers a two-story townhouse unit with a lot for parking, two bedrooms, and two and a half bathrooms. The square footage of these units is listed as 1,086 by Zillow.
While the first phase of construction featuring 15 units is not yet complete, the listing records indicate that a similar unit was sold earlier in the month for $186,000. A larger and presumably more upscaled unit is still up for grabs at $375,000. However, it’s noteworthy that all these houses are reserved for potential buyers earning at or below 100 percent of the area median income for the Atlanta metro, in line with Keller Williams’ policy.
Avenue buyers also stand the chance of qualifying for down payment assistance funds provided by Invest Atlanta, Atlanta Housing, and Atlanta Neighborhood Development Partnership. Prospective buyers must secure financing through one of ALT’s preferred lenders.
The Community Land Trust Model
Designed by Xmetrical, the project is jointly developed by ALT and Intown Builders with a grant of $1.7 million from Invest Atlanta. The design features bright and colorful facades for the unique townhome units. ALT officials have clarified that 29 of the total 36 townhouses will remain perpetually affordable thanks to the utilization of a community land trust model.
This model is characterized by the trust owning and maintaining the secured land, isolating it from the real estate market transactions. As such, if a homeowner decides to sell their residence, they agree to resell it at a restricted advantageous price to another potentially lower-income buyer, with the price determined by an ATL-specific formula.
Building Equity, Not Just Homes
Ultimately, the project aims to “mitigate gentrification resulting from public investments in the area” using a comprehensive, equity-driven approach that fosters connections between people, places, and quality of life, as the ALT officials mentioned during the construction commencement in late 2022. This is a laudable endeavor that could indeed lead to more comprehensive and sustainable community development in the region.
Location and Amenities
As for location, Avenue at Oakland City is a stone’s throw away from the BeltLine’s Murphy Crossing redevelopment site, which is a planned housing and jobs hub. The Oakland City MARTA station is approximately half a mile south, with suggestions of an infill MARTA station closer to Murphy Crossing. The project proudly boasts walkability to the BeltLine’s Westside Trail and the Lee + White retail district as major attributes.
Initial community discussions about the townhome project were initiated as early as 2019. The finished Avenue is expected to consist of five two-story residential buildings surrounding a central surface parking lot. Also, a similar ALT venture, titled The Trust at Oakland City, is currently under construction nearby.
