A new development has brought 192 affordable homes to Athens, Georgia.
Birge & Held, Tapestry Development Group, and the Athens Housing Authority collaborated on the new community that consists of one-, two-, and three-bedroom homes across six buildings. The development serves residents at the 60% area median income level.
“Athens Flats represents what’s possible when committed partners come together to strengthen communities,” said Jon Toppen, president of Tapestry Development Group. “This development not only provides high-quality, affordable housing but also connects residents with resources and opportunities that support long-term stability and growth.”
The team collaborated with several key funding partners on the approximately $48.9 million development, including:
- $15 million in federal and state low-income housing tax credit equity from investor CVS Health, syndicated in a multi-fund by R4 Capital;
- $109,000 in federal energy investment tax credits;
- A $36.6 million construction loan from R4 Capital Funding;
- A $15.3 million permanent loan from R4 Capital Funding;
- $1.8 million in developer contributions from Birge & Held;
- A deferred developer fee from Tapestry Development Group; and
- A payment in lieu of tax credits agreement delivered by the Athens Housing Authority through a private enterprise agreement.
With its investment in Athens Flats, CVS Health has invested more than $85 million in affordable housing across Georgia, helping to create or preserve over 5,000 housing units.
“Good health starts with having a safe, stable place to call home. Our investment in Athens Flats reflects our ongoing commitment to strengthening communities and expanding access to affordable housing,” said Keli Savage, head of impact investments at CVS Health. “Together with Birge & Held and Tapestry Development, we’re helping families in Athens build a foundation for better health and brighter futures.”
Beyond the living spaces, Athens Flats features a community building that serves as a hub for wellness and education. Residents have access to health classes and other programs promoting holistic well-being.
“Thank you to the city of Athens, Athens Housing Authority, Tapestry Development Group, and R4 Capital for their invaluable partnership as we work towards providing quality, affordable housing,” said Andrew Held, co-CEO and co-founder of Birge & Held, a private equity real estate investment and asset management firm. “Athens Flats achieved 100% occupancy within four months of receiving certification of occupancy demonstrating the need for affordable housing across the United States.”