A large multifamily rehab has kicked off just east of downtown that will preserve more than 120 affordable apartments rather than build new ones — an increasingly rare kind of housing news.
Atlanta-based mixed-income developer Columbia Residential, with partners Atlanta Housing and Invest Atlanta, closed on $28.4 million in financing for the renovation of Columbia Senior at MLK Village, a complex approaching 20 years old in the Capitol Gateway neighborhood off Memorial Drive.
The money will revitalize the 121-unit senior community at 125 Logan St. SE and, critically, extend its affordability restrictions for the long term. The property is reserved for residents aged 62 and older, and project leaders describe it as “beloved” by the people who live there.
The complex sits just west of Grant Park and north of Interstate 20, within reach of MARTA and downtown amenities — the kind of location where aging affordable stock is most at risk of converting to market rate when its restrictions lapse.
Preservation deals rarely get the attention that groundbreakings do, but they hold ground that new construction has to work much harder to replace.
Source: Urbanize Atlanta, published November 2025.