ATLANTA, GEORGIA, August 29, 2019 – VISTA has recently sold the 280-unit Longwood Vista Apartments and the 324-unit Lakeside Vista Apartments for $70 million. Vista developed the properties nearly 15 years ago utilizing Low-Income Housing Tax Credits. Fairfield Residential was the Buyer.
Longwood Vista is in the Global Forum Development on Buford Highway. It is conveniently located near the new mixed-used development, Assembly Yards, as well as Central Perimeter and Buckhead employment centers. Lakeside Vista is located in the master planned, beautifully landscaped Ellison Lakes Community in the suburb of Kennesaw, Georgia.
At the time these properties were developed the need for affordable housing wasn’t given the level of attention it receives today. The sale to Fairfield was especially important to Vista’s CEO, Eduard de Guardiola, as Fairfield is a leader in affordable housing across the county, and Mr. de Guardiola wanted to ensure that these properties remained affordable to serve the needs of the community.
Historically strong property performance combined with an excellent location with significant barriers to entry created an ideal opportunity for the buyer to increase its presence in the Atlanta affordable housing market. Fairfield’s Director of Affordable Housing, Paul Kudirka, was pleased that Fairfield had the opportunity to preserve 604 units of much needed affordable housing in the greater Atlanta area.
Fairfield has been steadily expanding in the affordable housing sector, currently owns over 8,000 affordable housing units, and has a large long-term affordable housing fund with a goal of creating, preserving, and improving affordable housing nationwide.