Historic Atlanta Affordable Housing Property, GE Tower, Undergoes Major Rehabilitation
Atlanta’s Mechanicsville neighborhood is seeing a significant investment in its affordable housing stock with the nearing completion of a major renovation project at GE Tower. Lincoln Avenue Communities (LAC), a leading developer and investor in affordable housing, has poured $17.25 million into this comprehensive rehabilitation effort.
The project, which commenced in January 2024, will preserve 201 high-quality, affordable homes for individuals and families earning no more than 60% of the area median income. This ensures that hundreds of residents will continue to have access to safe and affordable housing in one of the nation’s fastest-growing cities.
“LAC is proud to help preserve one of Atlanta’s historic affordable housing developments,” said LAC CEO Jeremy Bronfman. “The rehabilitation will ensure that hundreds of homes in one of the country’s fastest-growing cities remain affordable for decades to come.”
Originally constructed in 2007 through a blend of new construction and repurposing a historical warehouse, GE Tower had not received substantial upgrades before this renovation. The revitalized units boast new flooring, cabinets, granite countertops, energy-efficient windows, modern HVAC systems, and updated appliances.
Beyond individual units, residents will enjoy enhanced common spaces including a brand-new fitness center, a playground, a community garden, and a covered pavilion. Even the building’s original elevators have been replaced with new cabs and advanced mechanical components.
“This $85,000-per-unit rehabilitation will provide individuals and families in Fulton County facing rising rents with affordable, high-quality homes,” said Jordan Richter, LAC Vice President, and Project Partner. “We are grateful to our financing and local partners for their support.”
The renovation was financed through a tax credit re-syndication supported by Colliers Mortgage, Invest Atlanta, U.S. Bank’s Impact Fund, and the Atlanta Housing Authority.
About Lincoln Avenue Communities:
Lincoln Avenue Communities is a nationally recognized leader in the development, investment, and management of affordable and workforce housing. Dedicated to providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families across the country, LAC operates in 28 states with a portfolio of 155 properties encompassing more than 27,000+ units. The company is a subsidiary of Lincoln Avenue Capital, known for its mission-driven approach to creating thriving communities.