Phase III will add 178 mixed-income apartments to the master-planned redevelopment

Pennrose, Atlanta Housing (AH), the City of Atlanta, and Hunt Companies are pleased to announce they have closed on financing for Herndon Square Phase III, the third phase of the mixed-income, multifamily redevelopment of the former 12-acre Herndon Homes public housing community. Once complete, Phase III will deliver 178 one-, two-, and three-bedroom units to the site.

Phase III features a mix of 27 market-rate units and 151 affordable Low Income Housing Tax Credit (LIHTC) units, available to families at 30% to 80% of the Area Median Income (AMI). Seventy-one LIHTC units will be supported by Project-Based Vouchers through Atlanta Housing’s Homeflex program.

With Phase I successfully completed and Phase II under construction, Phase III will continue to expand access to critically needed affordable housing and economic opportunity for residents on Atlanta’s Westside. The redevelopment will be integrated with the adjacent Science Square, a bio-health and life science campus developed by the Georgia Institute of Technology and Trammell Crow Company that is projected to generate 5,000 permanent new jobs. Herndon Square is also located near several other commercial centers and community amenities designed to enhance the neighborhood.

Residents will enjoy robust on-site amenities, including supportive services, an enclosed parking deck, fitness center, computer business and learning center, and a community room, along with an interior courtyard green space and outdoor covered picnic area to help encourage community building and healthy lifestyles. The sustainable project will be designed to meet EarthCraft Multifamily and ENERGY STAR certification standards.

“Herndon Square Phase III is part of a visionary redevelopment that comes at a crucial time for Atlanta’s historic Westside,” said Will Eckstein, regional vice president at Pennrose. “Through our integration with Science Square, we're creating a national model that demonstrates how thoughtful development can preserve affordability while expanding economic opportunities and outcomes for residents of all incomes.”

"Herndon Square Phase III represents a transformative step forward in our mission to provide quality affordable housing and create thriving communities for Atlanta’s residents,” said Terri M. Lee, president and CEO of Atlanta Housing. “This development addresses the critical need for affordable housing and fosters economic mobility and community growth. We are thrilled to work with partners like Pennrose and Hunt Companies, Inc. to build a national model for equitable, mixed-income communities that empower residents and strengthen neighborhoods."

“Herndon Square’s expansive array of amenities and services are designed to meet residents’ unique needs and provide comprehensive support,” said Marsha Blunt, president of Pennrose Management Company. “Herndon Square is not just a place to live but a space to thrive. Our collaboration with project partners and the local community will provide on-site supportive services to help improve residents’ holistic quality of life while offering opportunities for economic mobility.”

The redevelopment plan for Herndon Square includes several critical infrastructure improvements, including a redesigned street grid, modernized streetscapes and updated storm, water, and sewer systems. The capital upgrades are designed to improve both pedestrian and vehicular safety and mobility, while helping to create a sense of place within Herndon Square and the surrounding communities.

“This multi-phase redevelopment exemplifies the impact strong partnerships can have in fostering vibrant communities,” said Dan Singer, Executive Vice President of Hunt Companies. “We at Hunt are incredibly proud to collaborate with Pennrose, Atlanta Housing, and the City of Atlanta to address the critical need for affordable housing while creating meaningful economic opportunities for Atlanta’s historic Westside

Once complete, the master plan will include 379 multifamily units across two mid-rise buildings, 97 senior units (also midrise), 32 townhomes, major infrastructure improvements, and a commercial-use building containing a grocer along Northside Drive.

The multi-phase Herndon Square redevelopment envisions a transformational and high-impact strategy for furthering access to quality affordable housing and fresh food while creating a vibrant, healthy, and sustainable mixed-use, mixed-income community. Notably, in conjunction with Science Square, Herndon Square represents a “National Model” for an equitable Workforce/Affordable Housing & Bio-Health Innovation District.

Funding for Herndon Square Phase III was provided by several public and private partners, including the Georgia Department of Community Affairs (4% Low Income Housing Tax Credits), the Urban Residential Finance Authority of the City of Atlanta (Tax-Exempt Bond Financing), Atlanta Housing (Capital Funding), Truist Bank (Construction Lending and Federal and State Tax Credit Equity Investor), and Grandbridge Real Estate Capital (Permanent Loan Lender).

With a regional headquarters in Atlanta, Pennrose has experience developing high-quality, supportive-rich affordable housing throughout Georgia and the Southeast region of the country. Most recently, Pennrose and the Memphis Housing Authority celebrated the grand opening of McAuley Station, which delivered 170 high-quality, mixed-income apartments adjacent to the Mercy Care campus in the Sweet Auburn neighborhood of Atlanta.

About Pennrose

With more than 50 years of experience, Pennrose combines quality development and proven management to deliver exceptional lifestyle-centered communities for its residents. With the superior knowledge and unparalleled dedication to get the job done right, Pennrose develops and operates conventional, affordable, mixed-income, and mixed-use communities throughout the United States. For more information visit www.pennrose.com.

About Atlanta Housing

President and Chief Executive Officer Terri M. Lee leads The Housing Authority of the City of Atlanta, Georgia (AH), the largest housing authority in Georgia and one of the largest in the nation. One of 139 Moving to Work (MTW) public housing authorities in America, AH is an industry leader in providing and facilitating affordable housing resources for nearly 27,000 low-income households comprised of approximately 45,000 people, including AH-owned residential communities, tenant-based vouchers, supportive housing, as well as down payment assistance, where innovation leads the approach to making the dream of home ownership attainable for more Atlantans. Programs are funded and regulated by the U.S. Department of Housing and Urban Development.

For more information, visit AH at atlantahousing.org or follow us on Instagram, Twitter, and LinkedIn at @housingatlanta.

About Hunt Companies, Inc.

Hunt Companies is a family-owned principal investment firm founded in 1947 based in El Paso, TX with interests in the real estate, infrastructure and financial services sectors. As an owner operator with a strong investment platform and financial structuring expertise, Hunt develops lasting relationships to create value for its investors, clients, employees and communities. The company and its affiliates are committed to promoting community growth and a sustainable future through our business practices, purpose driven investment and charitable giving. www.huntcompanies.com