Transforming
Affordable
Housing
BlueNestGroup.com
In November 2023, BlueNest Group acquired with its affiliates Mountain Crest, a 280-unit, garden-style affordable housing apartment (LIHTC) community in Stone Mountain. Mountain Crest was originally constructed in 1970.
The community is located in the fast-growing Atlanta MSA, which is projected to add over 85,000 new jobs by 2026, driven by industries like technology, logistics, and entertainment. Major companies such as Microsoft, Google, and Visa are expanding their operations, contributing to the city’s reputation as a growing tech hub.
Prior to the purchase, Mountain Crest was owned by P&C Bank, which had not invested much effort into maintaining the property over time. This gives us the opportunity to raise rents while still maintaining rent restrictions at 60% AMI, ensuring we continue to meet our affordability goals.
BlueNest Group plans for the property include exterior capital improvements, common area renovations, and interior unit upgrades, which will modernize the community and enhance resident quality of life, creating a unique investment opportunity in a rapidly growing market.
