‘Truly affordable’ project comes to market in Southwest ATL

Five years in the making, a unique residential project in Southwest Atlanta is coming to market that’s designed to push back against the ills of gentrification in an area that’s seen an influx of outside investment.

The 36-unit community, Avenue at Oakland City, is located off Murphy Avenue, about four blocks from the BeltLine’s Westside Trail. Formerly called Tucker Avenue Homes, the for-sale townhome venture has been billed as “truly affordable” and “affordable BeltLine living” since its inception.

New Keller Williams Realty listings for the $12.8-million Atlanta Land Trust project have echoed that “truly affordable” phrase in recent days.

What’s affordability mean in this case? The least expensive Avenue option currently available is asking $250,000, plus $187 monthly HOA fees.

That buys a two-story townhome unit with two bedrooms and two and ½ bathrooms, with assigned lot parking. Zillow lists the square footage as 1,086.

The 15-unit phase one remains an active construction site, and listing records indicate one similar unit sold for $186,000 earlier this month, while a larger option remains available at $375,000. All townhomes are being reserved for buyers earning at or below 100 percent of the area median income for metro Atlanta, per Keller Williams.

Some Avenue buyers can also qualify for down payment assistance funds through Invest Atlanta, Atlanta Housing, and Atlanta Neighborhood Development Partnership, officials have said. Buyers must finance through one of ALT’s preferred lenders.

Designed by the Xmetrical firm, the Avenue is being developed by ALT and Intown Builders, with $1.7-million in grant financing contributed by Invest Atlanta. 

ALT officials have said 29 of the 36 townhomes will be permanently affordable through the use of the community land trust model. That means the trust will own and maintain the land it secured from the real estate market, and when it comes time to move, the homeowner agrees to resell the residence at restricted, affordable pricing to another lower-income buyer, with the price determined by an Atlanta-specific formula.

The project’s broader goal is to help “mitigate gentrification resulting from public investments in the area" by using a "comprehensive, equity-driven approach that connects people, places, and quality of life,” as ALT officials said when construction began in late 2022.

As for location, the BeltLine’s Murphy Crossing redevelopment site—now a planned housing and jobs hub called Murphy Crossing by Culdesac—is located just over the MARTA tracks, and the Oakland City MARTA station is roughly a half-mile south. (The infill MARTA station announced recently for Murphy Crossing, however, would be much closer.) Walkability to the BeltLine’s Westside Trail and the Lee + White retail district is cited as another perk.

Initial community meetings regarding the townhome project were held in early 2019. Site plans indicate five, two-story residential buildings will eventually rise around a surface parking lot when the Avenue is complete. A similar ALT project called The Trust at Oakland City is now also under construction nearby. 

Find a closer look at the Avenue in the gallery above.

...

Follow us on social media: 

Twitter / Facebook/and now: Instagram  

• Oakland City news, discussion (Urbanize Atlanta)