Courtesy of Highlands at East Atlanta.

The Highlands of East Atlanta is located at 2501 Flat Shoals Road. Map courtesy of Google.

An Atlanta firm specializing in affordable-housing investments has acquired two multifamily communities in the city after securing $60 million in financing. 

Highlands at East Atlanta and Oglethorpe Place were purchased by Infinity Real Estate Advisors LLC’s Infinity RE Impact II LLC social-impact fund using a $40 million loan and a $20 million loan, respectively. 

Berkadia Affordable secured the loans, which will be used to fund the acquisitions, as well as planned capital improvements.  

The 250-unit Highlands property is located at 2051 Flat Shoals Road, which is within a designated Opportunity Zone and Qualified Census Tract, and 100% of its apartments are subsidized through a project-based, Section 8 contract providing residents with housing assistance. The community of two- and three-bedroom apartments offers residents a pool, playground, laundry and more. 

“Affordable housing continues to be a systemic problem across the country,” Infinity Chief Investment Officer Greg Jones said in a press release. “Through a collaboration with HUD, the local housing authority and the Highlands neighborhood, we hope to provide a community where the residents enjoy living.” 

Oglethorpe Place is located at 835 Oglethorpe Ave. SW. Map courtesy of Google.

Oglethorpe Place is located at 835 Oglethorpe Ave. SW and offers 144 affordable and market-rate apartments. The community features a pool, fitness center and playground, among other amenities. 

“Oglethorpe Place represents an opportunity for Infinity to make a genuine impact on the historical West End neighborhood, which is on the cusp of economic revitalization and development,” Infinity director of operations Carter Sechrest said in a release.  

Managing directors Jeff Lawrence and Matthew Baptiste of Berkadia Affordable secured the financing for both transactions. 

Courtesy of Oglethorpe Place.