Onestreet Residential Closes On Hearthside Riverdale Site

RIVERDALE, Ga. - Oct. 30, 2024 - PRLog -- OneStreet Residential, one of Atlanta's premier affordable housing developers, announces the closing of HearthSide Riverdale, a mixed-income community for residents aged 62+ on a 2.64-acre site located at 6795 Powers Street in Riverdale. The community is slated for completion in early 2026

"OneStreet Residential is excited to finally start construction on HearthSide Riverdale," said Managing Partner Brendan Barr. "The first time I met with Riverdale Mayor Wynn-Dixon was on a visit to HearthSide Lafayette in Fayetteville. When we finished touring the community, she turned to us and asked if we could 'just pick up this building and place it in the heart of her community.'  It has taken 5 years working tirelessly with the city, DreamKey Partners, and the Georgia Department of Community Affairs, but I am honored that OneStreet can bring a much-needed housing option to great communities like Riverdale."

HearthSide Riverdale will have 70 1- and 2-bedroom apartment homes in a traditional, 4-story building, 12 of which will be priced at market rents, with the remaining 58 units set aside for senior residents earning up to 60% of the area median income. The community will be gated and provide residents with amenities designed to foster friendships and connection, including a Community Room, Bistro, Multimedia Room, Game Room, Resident Gardens, and more. In addition, a Resident Services Coordinator will work with the site team to plan a variety of programs and events designed to improve the health and well-being of residents.

"This community marks a significant milestone for Riverdale as we welcome HearthSide into the City of Riverdale," said Mayor Evelyn Wynn-Dixon. "This project embodies our commitment to enhancing our community by providing quality housing options. I am excited to see how this development will enrich the lives of our residents and contribute to the growth and vitality of our city."

HearthSide Riverdale will be the 11^th HearthSide community developed by OneStreet Residential, bringing the total number of housing units in the brand to 1,051. The HearthSide portfolio includes both 55+ and 62+ communities located throughout the metropolitan Atlanta area, a majority of residences falling into the LIHTC program for residents between 30% - 60% Area Median Income.

Since 1986, OneStreet Residential has developed more than 8,300 rental homes and built a reputation as one of the Southeast's premier affordable and mixed-income multifamily developers and operators. We've been developing affordable housing since 1990 and have an extensive track record of successful public-private partnerships in which we have utilized a wide variety of financing mechanisms. OneStreet Residential is an award-winning developer, owner, and property manager focused on developing beautiful properties designed to enrich the lives of residents and serve as a source of pride for surrounding neighborhoods and investors.