East of East Point and Hapeville, parents in a south Fulton community may be able to look forward to better grades on their children’s report cards through a real estate investment.
Led by Invest Atlanta President and CEO Eloisa Klementich, Ph.D., housing and education leaders recently cut the ribbon at Springview Apartments, an affordable housing community located off the Cleveland Avenue corridor on Old Hapeville Road in Atlanta.
That community and neighboring Summerdale Apartments are undergoing extensive improvements, like $1.5 million in renovations as needed among their 244 units, according to a news release.
The softer side of their overhaul includes education and community programs.
Klementich said a unique collaboration between the public, private and philanthropic sectors is responsible.
“This holistic approach will provide residents with high-quality housing, as well as critically important wraparound services including after-school, summer camp and wellness programs,” she said in a statement. “We are proud to be part of this partnership that will lift up the individuals and families who reside here, as well as help build stronger communities that provide greater opportunities for all Atlantans.”
Midtown-based nonprofit Star-C is one of the partners, benefiting an education facility near the apartments by providing those services to economically disadvantaged families.
“Cleveland Avenue Elementary School provides a supportive learning environment which fosters intellectual, social-emotional and creative growth in order to prepare every student for college and career,” Principal Anyeé D. Payne, Ph.D., said in a statement. “After-school and other services provided by nonprofits like Star-C can help our students have an even greater chance for success.”
Atlanta Public Schools Superintendent Meria Carstarphen, Ed.D., agreed.
“We know that wrap-around supports and family stability are critical factors that impact student learning and life outcomes,” she said in a statement. “Organizations such as Star-C can have a positive impact for students and the community, and I am appreciative of the efforts to support our APS families.”
The release stated that apartment community owners—in this case, Midtown-based TriStar Real Estate Investment—contribute about 50 percent of the cost to operate Star-C programs.
The remaining funds come from foundations, donations and grants.
TriStar has a social impact fund that improves education through affordable housing by addressing transiency, the release stated.
“Increasingly, investors are seeking out these social impact models,” company Managing Partner Duncan Gibbs said in a statement. “The investment returns are lower than traditional real estate investments, but the social return from the community impact is significant.”
The Springview/Summerdale Apartments endeavor is part of Mayor Keisha Lance Bottoms’ larger goal of investing $1 billion from public and private sources to support affordable housing in Atlanta, the release stated.