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Release Date: 11.09.2018 | Location: All Metro Atlanta | Organization: www.star-c.org

Housing, education leaders cut ribbon on innovative affordable housing model

Diverse group of community leaders unveil another education + affordable housing 'win'

Led by Invest Atlanta President and CEO Eloisa Klementich, housing and education leaders cut the ribbon at Springview Apartments Wed., Nov. 7. The paper-chain “ribbon” was made by students at nearby Cleveland Avenue ElementarySchool. Springview, an affordable housing community located off the Cleveland Avenue corridor, is undergoing extensive improvements, including the implementation of education and community programs.

“The Springview-Summerdale community represents a unique collaboration between the public, private and philanthropic sectors,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “This holistic approach will provide residents with high-quality housing, as well as critically important wrap-around services including after-school, summer camp and wellness programs. 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.”

Springview (and the neighboring Summerdale Apartments) were purchased this summer by TriStar, through its TriStar Community Impact Fund, with the support of Invest Atlanta and Atlanta Housing. The property received $1.5 million in funding from Invest Atlanta’s Housing Opportunity Bond program to renovate blighted units. The Atlanta Housing component is its HomeFlex Program, which is a project-based voucher program designed to provide affordable housing assistance to those living close to the poverty line. Its partnership will ensure long-term affordability at Summerdale and Springview.

The Springview/Summerdale Apartments endeavor is part of Mayor Bottoms’ larger goal of investing $1 billion from public and private sources to support affordable housing in Atlanta.

The 244-unit adjacent properties are situated off Cleveland Avenue in the City of Atlanta. The TriStar Community Impact Fund’s mission is to improve educational performance by reducing student transiency. It purchases apartments near high-need schools, stabilizing affordable housing communities by its mandate to keep rents affordable. The partner school in this effort is nearby Cleveland Avenue Elementary.

“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,” says Dr. Anyeé D. Payne, the school’s principal. “After-school and other services provided by non-profits like Star-C can help our students have an even greater chance for success.”

Springview/Summerdale owner TriStar partners with Star-C, a non-profit education model with an affordable housing solution. Star-C programs assist economically disadvantaged families living in affordable housing communities by providing wraparound services ranging from after-school programs to healthcare. The apartment community’s owner contributes approximately 50 percent of the cost to operate Star-C programs; the remaining funds are sourced from foundations, donations and grants.

“We know that wrap-around supports and family stability are critical factors that impact student learning and life outcomes,” says Atlanta Public Schools Superintendent Dr. Maria Carstarphen. “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.”

In addition to Klementich, those on hand included Brandon Riddick-Seals, Interim CEO, Atlanta Housing; Tammie Workman, Assistant Superintendent, Student Services, Atlanta Public Schools; Duncan Gibbs and Marjy Stagmeier, Partners, TriStar Real Estate Investment; and a host of other community, housing and education leaders.

“Sometimes overlooked is the important connection between education and housing, and the critical impact that housing has on the educational achievement of our children,” says Audrea Rease, Executive Director, Star-C. “With quality, affordable housing, student transiency can be reduced, and students can have improved educational outcomes. We’re ready to continue building partnerships to deploy this solution to more communities and schools across Metro Atlanta and beyond in order to promote this synergy.”

About TriStar: TriStar principals have been investing in core and value-add real estate since 1995. In 2013, they formed TriStar as an investment platform for American and German fund and direct investments in American commercial real estate, including a broad spectrum of property classes at opportune timing in the market cycles. TriStar launched a social impact fund in 2015 to facilitate the preservation of affordable housing in Atlanta.

About Star-C Programs: Now in its 4th year, Star-C is a 501(c)(3) non-profit organization that bills itself as an education model with an affordable housing solution. Star-C’s pilot program, at Willow Branch Apartments in Clarkston, has proven successful. Star-C holds a monthly breakfast at which anyone who is interested can learn more about the organization, programs and outlook; see Monthly Breakfast information on its website.

According to TriStar’s Duncan Gibbs, “Increasingly, investors are seeking out these social impact models. The investment returns are lower than traditional real estate investments, but the social return from the community impact is significant and the multiple far outweighs the below-market return to the investor. The housing/education model needs investment collaboration from all facets of the community. And, yes, you can “invest” in the philanthropic side of the model, as an individual or if you help direct corporate or foundational programs and dollars.”

TriStar’s Marjy Stagmeier adds, “We are excited about these public-private-philanthropic efforts happening across our city and region, but also across the country. People are seeing that we’re offering solutions to a dire shortage of affordable housing, as well as solutions to some of the issues that keep people in this cycle. Wrap-around programs coupled with stable affordable housing support a focus on a consistent education and access to other crucial needs like healthcare.”

 

PHOTO ID
Pictured, from left, Brandon Riddick-Seals, Interim CEO, Atlanta Housing; Tammie Workman, Assistant Superintendent, Student Services, Atlanta Public Schools; Eloisa Klementich, President and CEO, Invest Atlanta; Marjy Stagmeier, Partner, TriStar Real Estate Investment; Anyeé D. Payne, Principal, Cleveland Avenue Elementary School; Audrea Rease, Executive Director, Star-C; and Duncan Gibbs, also of TriStar.