The Invest Atlanta Board approved the sale and change of ownership for the Villas at Lakewood, formally known as Amal Heights Townhomes, preserving 192 units of affordable housing.
The Starwood Capital Group (SCG) assumed ownership of the property located at 1700 Giben Road. The company, which has entities in the hotel, real estate and multifamily housing industries, has committed $1.2 billion in affordable housing throughout the United States, with 98% of the residents at 60% area median income (AMI). In 2020 alone, SCG committed over $645 million in affordable housing through the acquisition of 32 properties.
This change of ownership continues affordability at the Villas at Lakewood, which includes five units at 50% AMI, 158 units at 60% AMI and 29 units at market rate.