Comunidad Partners has teamed with global investment manager Nuveen to acquire a 603-unit affordable and workforce housing community, Village at the Creek, in Clarkston, Georgia, in an off-market transaction.
This acquisition continues the minority and women-owned real estate firm’s mission of bringing institutional capital to underserved markets with diverse populations across the Sun Belt, according to Comunidad managing partner Antonio Marquez. The transaction marks Comunidad’s fifth acquisition in the Atlanta market, with more than 1,500 units.
“This particular location within the Atlanta submarket is dubbed ‘the most diverse square mile in America’ as it is a melting pot of immigrants, migrants, and refugees who have come to the U.S. seeking a better life,” he said. “This acquisition is closely aligned with our investment mission of creating culturally relevant, inclusive communities that are tailored to the various ethnicities that live within the communities we serve and in markets that are poised for long-term economic growth.”
Comunidad specializes in revitalizing affordable and workforce communities in infill locations and implementing a specialized cultural management platform, including community investment initiatives and social impact programs.
“We place a significant emphasis on investing in our residents,” said Marquez. “In doing so, we foster environments that create opportunity in education, health, and equity through upward economic mobility for residents, which improves resident resiliency and positively transforms our communities.”
That social impact mission was one of the primary reasons Nuveen decided to partner with Comunidad, said Nuveen’s Pamela West.
“We were extremely attracted to this community for several reasons,” said West, who is managing director, global real estate, impact investing. “First, it is located in an economically and culturally diverse neighborhood that is poised for continued growth. Second, it is closely tied to our focus on impact from both a social programming standpoint and long-term preservation perspective.”
In addition to implementing social programming, Comunidad has plans for renovations, including updates to the clubhouse, a new playground, a new soccer court, and interior upgrades.
“The clubhouse will be renovated and will specifically be updated through a social impact lens,” added Marquez. “It will be constructed to include places to facilitate resident supportive services and other programming, as well as serve as a gathering place for residents.”