ASREF II provided a $15.0M preferred equity investment for 840 Woodrow, a 325-unit mixed-use development located in the Adair Park neighborhood of Atlanta, Georgia. The project will involve new construction on a six-story, 6.75-acre property, featuring 25 townhomes, 300 apartment units, and 6 commercial buildings. The development will feature a full suite of amenities, along with 446 parking spaces. 840 Woodrow will offer excellent walkability and accessibility to transportation, with the Beltline’s Southside Trail slated for construction alongside the property. 

The property is located within one of the fastest-growing neighborhoods in Atlanta and a highly amenitized area, featuring popular commercial and cultural hubs like Monday Night Garage, Wild Heaven Brewery, and various local coffee shops and eateries within a 1.5-mile radius. 840 Woodrow will feature subsidized commercial space for local entrepreneurs that will enhance and reflect the surrounding neighborhood through the inclusion of repurposed shipping container storefronts and an adaptive reuse of an existing building into a job training facility and headquarters for a locally based coffee roaster. 

The project is situated on a brownfield and will take advantage of Georgia’s bond-for-title program that facilitates property tax savings for companies undertaking development projects. Woodfield Development, the project's sponsor, has secured two tax credits that provide an average tax benefit of 60% over the first 10 years of operation. Additionally, the project will have 66 units designated as affordable/workforce housing, exceeding the City of Atlanta’s Inclusionary Zoning requirements. Five percent of units will be reserved for individuals utilizing tenant-based vouchers.