Zimmerman, TriStar Alliance Closes on Co-Located Affordable Housing Community Just South of Atlanta

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Zion in Clayton County, Georgia, immediately south of Atlanta.

Metadata

Provider:

PR Newswire

Retrieved on:

Wednesday, September 1, 2021

Information

Geotags:

GEORGIA, CLAYTON COUNTY, UNITED STATES, STOCKBRIDGE, MOUNT ZION

Organisation:

TRISTAR

Summary

Key Points:

Zion in Clayton County, Georgia, immediately south of Atlanta.
These developments are the first transactions closed in a strategic alliance between Zimmerman, an affordable housing builder and developer, and TriStar, an investment firm focused on commercial real estate and mission-based affordable housing funds.
"Through the alliance, Zimmerman and TriStar will build and operate affordable housing communities that offer innovative wraparound services focusing on the education, social and emotional wellbeing of its residents," says Bob Davidson, COO, Zimmerman Properties .
The development consists of two affordable housing communities: the Villas at Mt Zion, a 96-unit senior, independent living community (age 55+), and the Flats at Mt Zion, a 210-unit multi-family community targeting families with children who attend Mt.

Zimmerman, TriStar Alliance Closes on Co-Located Affordable Housing Community Just South of Atlanta

ATLANTA, Sept. 1, 2021 /PRNewswire/ -- Zimmerman Properties announces the closing and commencement of construction on Villas at Mt. Zion and Flats at Mt. Zion in Clayton County, Georgia, immediately south of Atlanta. These developments are the first transactions closed in a strategic alliance between Zimmerman, an affordable housing builder and developer, and TriStar, an investment firm focused on commercial real estate and mission-based affordable housing funds.

"Through the alliance, Zimmerman and TriStar will build and operate affordable housing communities that offer innovative wraparound services focusing on the education, social and emotional wellbeing of its residents," says Bob Davidson, COO, Zimmerman Properties. "We're excited about both the collaboration and the innovative aspects of this initiative."

The development consists of two affordable housing communities: the Villas at Mt Zion, a 96-unit senior, independent living community (age 55+), and the Flats at Mt Zion, a 210-unit multi-family community targeting families with children who attend Mt. Zion Elementary and Primary Schools. Davidson says the development will include gated entry with reciprocal easements to allow all residents the ability to enjoy the swimming pool, exercise facility, computer library, playgrounds, outdoor garden, wellness center and the Early Learning Center (ELC).

The ELC will be staffed by Star-C, Inc., an Atlanta based 501(c)3 non-profit community organization, which will provide residents of the development free on-site wraparound services that include an after-school program for kids kindergarten through fifth grade, healthy living and eating classes, general wellness programs, community gardening and summer camps.

TriStar Partner W. Duncan Gibbs, notes that the Mt. Zion development came to fruition through the collaboration of a number of people and organizations, especially the Clayton County Board of Commissioners and their governmental departments, including Community Development, Transportation and Development, and Fire and Emergency Services, as well as the Clayton County Public School system and its Board of Education and Superintendents. Gibbs also thanked and noted the cooperation of the Housing Authority of Clayton County and its Board of Directors for working through the land acquisition and bond issuance for the development.

Gibbs and Davidson also acknowledge the many other collaborators helping structure, finance and construct the Villas at Mt. Zion and the Flats at Mt. Zion, especially because "many went above and beyond to keep us moving on this during the COVID pandemic:" the Housing Authority of Clayton County, Summit Contracting Group, Inc., Wilhoit Properties, Inc., Raymond James Tax Credit Funds, Sugar Creek Capital, Bank of America, N.A., KeyBank Real Estate Capital / Fannie Mae, KeyBanc Capital Markets, Coleman Talley LLP, Law Office of Kenneth D. Brown, McGuireWoods LLP, Kutak Rock LLP, Tiber Hudson LLC, and Georgia Department of Community Affairs, Office of Housing Finance.

"A ground-breaking ceremony is being planned at the construction site (3297 Mount Zion Road, Stockbridge, Georgia 30281)," Davidson says, "and will be followed by a formal grand opening at the completion of construction. We look forward to inviting all collaborators and supporters to those two events."

Fact sheets and visuals for the Villas at Mt. Zion and the Flats at Mt. Zion are available, as well as further information on Zimmerman, TriStar and Star-C.

Media/comms contact
B. Andrew (Drew) Plant
[email protected]
678-637-5532

Other key contacts
Bob Davidson, Zimmerman Properties, LLC, 417-890-3205
Tab Bullard, Zimmerman Properties SE, LLC, 770-314-3544
W. Duncan Gibbs, III, TriStar, LLC, 404-698-3535
Audrea Rease, Star-C, Inc., 404-698-3535

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SOURCE TriStar