National Church Residences acquired a 99-year ground lease interest on an affordable seniors housing community in Atlanta, Georgia. This acquisition expands NCR’s affordable seniors housing portfolio to 17 communities in the Atlanta metro area, making it the second largest affordable seniors housing owner in the city.
Built in 1979, Cathedral Towers comprises 195 units and will be rebranded as Parish Grove. NCR plans to begin making modest improvements to the community. The seller, Episcopal Cathedral of St. Philip, operated the community for 45 years and will use the proceeds from the transaction to create a fund dedicated to improving access to and the affordability of housing and the provision of support services for low-income seniors.
