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Atlantica Properties and Auerbach Funds to Launch New Affordable Homeownership Program, OWN DeKalb, Following the Purchase of 72 Single-Family Homes in the County ATLANTA – Jan. 24, 2019 – Atlantica Properties, an Atlanta-based real estate investment and property management company with a mission to empower individuals by establishing thriving, holistic communities, is launching OWN DeKalb, a unique homeownership program designed to help those currently renting to become homeowners. OWN DeKalb will initially focus on the renters of 72 single-family homes in DeKalb County that Atlantica Properties purchased this week for $8 million from the Housing Development Corporation of DeKalb. Atlantica Properties and its partner Auerbach Funds, a New York-based real estate private equity fund, are dedicated to finding permanent solutions to help increase affordable housing options in metro Atlanta, and OWN DeKalb is their first initiative in the single-family space. OWN DeKalb will provide current renters who want to stay in their home with the guidance and resources they need to purchase the home at fair market value with little money down and a monthly payment similar to their current rent amount. The homes are located throughout DeKalb County in Tucker, Stone Mountain, Lithonia and Decatur. “We don’t want to be long-term landlords for these homes. Through OWN DeKalb, we want to show our tenants the steps to transition from renters to homeowners,” said Darion Dunn, managing partner of Atlantica Properties. “With the purchase of these 72 single-family homes, we immediately saw an opportunity to help resolve Atlanta’s affordable housing crisis by changing the narrative – not simply preserving affordable rental units but focusing on creating true equity through homeownership,” he added. OWN DeKalb will work with each renter and provide them with a Licensed Realtor®, a preferred list of lenders, down payment assistance and connections to resources at other organizations that have programs in place to help. Those renters who choose to not purchase their home will be provided with assistance to find a comparable rental residence. “We are very pleased that we were able to help stabilize neighborhoods by acquiring and rehabilitating 70 plus homes in DeKalb County during the past six years, but are even more pleased to transition these homes to Atlantica Properties,” said Pete Walker, President and CEO of the Housing Development Corporation of DeKalb. “The infrastructure they have in place will better facilitate homeownership opportunities. We agreed with their approach to create homeowners instead of raising rents,” he added. According to information from the Atlanta Regional Commission, DeKalb County lags the state average by nearly 10 percent for owner-occupied households. Additionally, rents in metro Atlanta have increased by over 55 percent since 2010, while wage growth is relatively stagnant. “We are excited to work with Atlantica Properties to offer these homes for sale in the most responsible and equitable way,” said Peter Auerbach, founder and CEO of Auerbach Funds. “Our goal with every investment is to establish a sense of commitment to the community, and OWN DeKalb fits this mold perfectly. We believe that homeownership is paramount to the stability of a community and to families alike. We are privileged to be in a situation whereby we can provide compelling returns to our investors while also benefiting the communities in which we invest. We look forward to many more such deals with our partners at Atlantica.” If you would like to learn more about OWN DeKalb, please contact Darion Dunn atddunn@atlanticaproperties.com. About Atlantica Properties About Auerbach Funds Maggie McDaniel, communications 21 mmcdaniel@c21pr.com (404) 814-1330 |