$35 Million Redevelopment Preserves 149 Affordable Homes for Atlanta Seniors

ATLANTA – Columbia Residential, in partnership with Atlanta Housing and key public and private stakeholders, celebrated the grand reopening of Legacy at East Lake, located at 380 Eva Davis Way SE, Atlanta, GA 30317.

The celebration marked the completion of a transformative $35 million redevelopment that preserves critical affordable housing for seniors in Atlanta’s historic East Lake neighborhood. The eight-story high-rise, originally built in the 1970s as East Lake Highrise, now provides 149 studio and one-bedroom apartment homes for residents aged 55 and older, with rents capped at 30% of household income to ensure lasting affordability. The property officially reopened in April 2025, and 72 of the 121 residents who were temporarily relocated during construction have returned to call Legacy at East Lake home.

“This beautiful community represents the power of partnership and our collective commitment to preserving quality affordable housing for Atlanta’s seniors,” said Carmen Chubb, President of Columbia Residential, who served as emcee for today’s celebration ceremony. “Legacy at East Lake demonstrates what’s possible when public and private partners work together to ensure our seniors have housing they can afford with access to an array of neighborhood amenities.”

The extensive redevelopment included complete replacement of all critical infrastructure systems — HVAC, electrical, plumbing, fire safety, and elevators — along with installation of energy-efficient windows, modern insulation, and durable interior finishes. New amenities include a computer and business center, theater room, and fitness facilities.

The project serves households earning 30%, 50%, and 60% of the Area Median Income (AMI), with project-based vouchers ensuring rent remains affordable at 30% of household income.

The Power of a Public-Private Partnership

“Through our partnership with Atlanta Housing and our other stakeholders, we’ve not only preserved these homes but enhanced them with modern amenities and infrastructure that will serve residents for decades to come,” Chubb added.

The redevelopment was made possible through a sophisticated financing structure that demonstrates the power of collaborative investment:

• $12.4 million in equity from Truist Community Capital via 9% Low Income Housing Tax Credits allocated by the Georgia Department of Community Affairs
• $10.5 million construction-to-permanent loan from Atlanta Housing
• $8 million construction loan and $5.6 million permanent mortgage from Truist Bank
• $4 million in National Housing Trust Funds from the Georgia Department of Community Affairs
• $1 million in Housing Opportunity Bond financing from Invest Atlanta
• $1 million seller note from Atlanta Housing
• $400,000 in deferred developer fees by Columbia Residential

“This project exemplifies how strategic partnerships can preserve and enhance affordable housing while fostering the kind of community investment that transforms lives,” said Terri M. Lee, President and CEO of Atlanta Housing. “Legacy at East Lake demonstrates what’s possible when public and private partners work together to ensure our seniors have housing they can afford with access to an array of neighborhood amenities.”

Innovative Health Partnership and Community Enhancements

In addition to the physical improvements, Legacy at East Lake features an innovative partnership with Matter Health to provide residents with access to convenient, in-home preventive care services. This partnership addresses common barriers like transportation and mobility that often prevent older adults from accessing quality healthcare.

As part of the renovation, the community is planning a vibrant addition to the neighborhood with a mural created by a selected artist that will celebrate East Lake’s history and honor the seniors who call the community home.

A Community-Centered Approach

Columbia Residential partnered with Dash & Dwell to coordinate thoughtful resident relocations during construction, ensuring minimal disruption to residents’ lives. The property’s location offers convenient access to MARTA, Publix (5-minute walk), East Lake Family YMCA (5-minute walk), and Charlie Yates Golf Course (4-minute walk).

The celebration included remarks from Atlanta Mayor Andre Dickens; Terri M. Lee, President and CEO of Atlanta Housing; Atlanta City Councilmember Liliana Bakhtiari; Dr. Eloisa Klementich, President and CEO of Invest Atlanta; Commissioner Christopher Nunn of the Georgia Department of Community Affairs; Shannon Longino, Senior Vice President of Truist Community Capital; and Ilham Askia, President and CEO of the East Lake Foundation.

“Atlanta’s legacy community is the heart of our city, and my administration is committed to ensuring they can live and thrive with dignity and safety. We are deeply committed to keeping all of Atlanta affordable, especially for the residents who made us who we are today,” said Mayor Dickens. “Legacy at East Lake is a promise kept for the people who have called this neighborhood home for decades, and for those beginning a new chapter. This is not just housing, but community connections and neighborhood stability, continuing to make Atlanta a city of opportunity for all.”

About Columbia Residential

Founded in 1991 by Noel Khalil, Columbia Residential is an award-winning Atlanta-based developer, owner, and manager of affordable and mixed-income housing. Celebrating its thirty-four-year anniversary, the company is on track to manage 10,000 affordable and mixed-income housing units in Georgia, Texas, Florida, Louisiana, and Tennessee in more than 75 apartment communities by the end of 2025. Columbia Residential makes a lasting commitment to each community it plans, builds, and services by providing a continuum of stewardship that powers long-term investments. The company’s unique approach to property management includes an innovative model for resident services, including comprehensive on-site programming along with additional resources provided through strategic partnerships with local entities that foster a strong home life and growth mindset for every resident. For more information, please visit https://columbiares.com.

About Atlanta Housing

President and Chief Executive Officer Terri M. Lee leads The Housing Authority of the City of Atlanta, Georgia (AH), the largest housing authority in Georgia and one of the largest in the nation. One of 139 Moving to Work (MTW) public housing authorities in America, AH is an industry leader in providing and facilitating affordable housing resources for nearly 27,000 low-income households comprised of approximately 43,000 people, including AH-owned residential communities, tenant-based vouchers, supportive housing, as well as down payment assistance, where innovation leads the approach to making the dream of home ownership attainable for more Atlantans. Programs are funded and regulated by the U.S. Department of Housing and Urban Development.

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