Springview Apartments
2786 Old Hapeville Road SW, Atlanta, GA 30354
TI ASSET MANAGEMENT CASE STUDY
In 2018, TI Asset Management accepted management of Springview Apartments, a 144-unit severely blighted class C apartment community in south east Atlanta. The Springview apartment environment was partially blighted, with drug dealers operating with immunity in plain sight. Of the 144 available units, 92 were vacant and boarded up by order of the City of Atlanta Code Department. The high criminal activity directly impacted Cleveland Avenue Elementary, located only two blocks from Springview. A that time, Cleveland Avenue Elementary school was considered a low performing school in the Atlanta Public School system.
Pre-Renovations
TI Asset Management worked with the owners to develop a $5.0 million budget to renovate the property. TI Asset Management also designed a community model engaging the Atlanta Police Department, Atlanta Police Foundation, Georgia Tech, Trees Atlanta, Morehouse Medical, Atlanta Public Schools, Georgia Power, Atlanta Housing Authority, various nonprofits and leadership at nearby Cleveland Avenue Elementary. Programs including a community-build day with Kaboom Playgrounds (which had over 225 volunteers), on-site medical screenings, FREE Star-C After-School Care program, FREE Star-C Summer Camps, tenant association meetings, as well as hosting on-site rental assistance events.
Today, Springview Apartments is a completely transformed community, offering renovated units with hardwood floors, new kitchens and other elements at rents affordable for families earning at the 50% Area Median Income. The property enjoys high occupancy and the criminal activity has significantly dropped. Cleveland Avenue Elementary worked with the community partnerships established by the ownership and Star-C to gain the STEM certification, the first elementary school in the Atlanta Public School system to achieve this certification.
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