These Black Developers Made Homeownership Affordable With Their Sold Out Micro-Homes
5th October 2022 by BOTWC Staff
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5th October 2022 by BOTWC Staff
The homes are scheduled to be finished by Christmas!
A group of Black real estate developers in Georgia have sold out their micro-home community in less than two months, Black Business reports.
Investor and real estate developer Booker Washington has developed over $5 million in real estate assets over the past 5 years. Over time, the southwest Atlanta native realized home ownership was becoming unattainable for the average person. According to the U.S. Census Bureau, at the end of 2020, the Black homeownership rate was 48.7% in Atlanta with a rate of 44.1% nationwide. Washington told News84Media, “A lot of what was presented to me in southwest Atlanta was you could live in an apartment, you worked all day and you transitioned from apartment to apartment.” Washington wanted to provide people more homeownership opportunities and develop properties in the same neighborhood he grew up in. To achieve this, he founded South Park Cottages in College Park.
Along with becoming the first Black-owned micro-home community in America, South Park Cottages, which sits on three acres, is the 7th largest micro-home community in the nation and is the largest in the state of Georgia. It’s also fairly priced! The average Atlanta home is priced at about $400,000, but the micro-homes are selling for half the price at $190k-$230k; everyone is interested, from Gen-Z to millennials. In just 50 days, the advanced micro-home community sold out!
However, Booker Washington didn’t do this all on his own; he gathered a team of other real estate developers and got to work. The team includes retired NBA player Rashad Jones-Jennings, who is the co-founder and COO of South Park Cottages and is equally dedicated to developing the community he grew up in. There’s also financing expert and mortgage industry veteran Pauline Harris who supports buyers through the home financing process. Next is full-service real estate broker Quiana Watson who’s known for her high-quality marketing and client representation! Lastly, real estate lawyer Cristyl Kimbrough, who had over 50,000 closings and is more than familiar with the ins and outs of the home buying process, is also a part of Washington’s team.
They also had the help of the community! Washington stated, “This is a multi-million-dollar project that got executed from crowdfunding. What’s probably more impressive than just being a Black minority-build is that we used community to build it.”
Located 15 minutes outside of Atlanta and 5 minutes from Hartsfield-Jackson Atlanta Airport, this community is made up of 29 energy efficient units, measuring just under 1,000 square feet. Its beautiful floor plans include a full kitchen, bedroom, bathroom, and living space. The community is surrounded by many amenities such as a dog park, walking trails, and even a vegetable garden.
"This type of community is in demand," said Kimbrough.
Washington’s goal to “develop an innovative and affordable community” has been achieved. The development of South Park Cottages is the start to making homeownership sustainable.
This group is just heating up with more residential projects coming soon such as the one in Union City. “For us, this is more than just an opportunity to build a home. What we’re giving people now is much more a reason and vision for what’s in store for the future because Techie Homes is just beginning with South Park Cottages,” said the founder and CEO.
For more details about the project, and to learn more about the upcoming community visit them here at SouthParkCottages or follow them on Instagram at @TechieHomes.
This is a major win. Keep building excellence, team!
Photo: Black Business/South Park Cottages