Whispering Pines

2784 Kelly Lake Road, Decatur, GA 30032
Status: Closed
Year Built: 1965
Price: CONTACT AGENT
# of Units: 40
# of Buildings: 8
# of Stories: 2
Rentable SF: 36,000
Lot Size: 3.48 Acres
Density: 11.49 Units/Acre

Highlights:

  • Located Close to Shopping, Restaurants, and Area Amenities
  • Metro Atlanta has the Eighth Largest Economy in the Country and the Third Highest Concentration of Fortune 500 Companies
  • Located Just 6 Miles from Downtown Atlanta, GA
  • High Historical Occupancy with a 2016 Vacancy Rate Below 4%

Description:

Whispering Pines is a 40-unit LIHTC property located in Decatur, GA. The property offers a mix of spacious one and two bedroom floor plans to income qualifying residents. The property is conveniently located close to shopping, restaurants, entertainment, and area amenities.

Whispering Pines was built in 1965 and rehabbed and placed in service in 2006 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires 31 units to be rented to income qualifying residents earning no more than 30%, 50%, and 60% of Area Medium Income (AMI) limits, which are provided by the Georgia Housing and Finance Authority. The remaining units are to be rented at market rate. The property is still within its initial tax credit compliance period. A qualified purchaser can be a non-profit or for-profit entity that agrees to maintain the affordability restrictions.

Residents benefit from on-site laundry, a covered outdoor pavilion, business center, fitness center, playground, and an open playing field. Unit amenities include an open floor plan with full appliance package, W/D connections, as well as central air and heat.

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