Pennrose LLC, Atlanta Housing, and Hunt Companies Open 201-Unit Mixed-Income Legacy at Herndon Square in Atlanta

A coalition of public and private partners has opened Legacy at Herndon Square, a 201-unit, mixed-income family rental community at 527 Herndon Square Ave in Atlanta's Westside neighborhood, completing the second phase of the multi-phase redevelopment of the former Herndon Homes public housing site.

Pennrose LLC served as development manager on the project, which was developed through a public-private partnership between Hunt Companies and Atlanta Housing. Oakwood Development Group also participated as a project partner. The grand opening ceremony drew remarks from Atlanta Mayor Andre Dickens, Atlanta Housing President and CEO Terri M. Lee, Invest Atlanta President and CEO Dr. Eloisa Klementich, and Will Eckstein, Regional Vice President at Pennrose LLC, among others.

Project Overview and Unit Mix

Legacy at Herndon Square delivers 201 one-, two-, and three-bedroom apartments across approximately 335,348 square feet on a roughly 8.18-acre portion of the 12-acre former Herndon Homes site. The income mix includes 43 units at or below 80% of Area Median Income (AMI), 87 units at or below 60% AMI, 40 units at or below 30% AMI, and 30 units at market-rate rents. Affordable and workforce units are funded through the Low-Income Housing Tax Credit program, with 80 units supported by Project-Based Vouchers through Atlanta Housing's Homeflex program.

Indicative asking rents for income-restricted units range from approximately $1,213 per month for one-bedroom apartments of about 605 square feet, $1,438 per month for two-bedroom units of about 877 square feet, and $1,633 per month for three-bedroom apartments of about 1,106 square feet — levels consistent with restricted rents for households at or below 60–80% AMI in the in-town Atlanta market.

The building is designed to meet EarthCraft Multifamily and ENERGY STAR Certification standards. Amenities include an interior courtyard and green space, an enclosed parking deck, resident lounge, wellness clinic, fitness center, computer business and learning center, dog wash station, and an outdoor covered picnic area. Individual units feature granite countertops, hard-surface flooring, in-unit washer and dryers, central air conditioning, and free Wi-Fi.

The development also includes 10,000 square feet of community-oriented commercial space intended to connect residents with the adjacent Science Square bio-health and life science innovation campus.

Capital Stack and Financing Partners

Funding for Phase II and associated infrastructure improvements was provided by multiple public and private sources. The Georgia Department of Community Affairs provided 4% Low-Income Housing Tax Credits. The Urban Residential Finance Authority of the City of Atlanta provided tax-exempt bond financing. Atlanta Housing contributed capital funding, and Invest Atlanta provided Westside Tax Allocation District infrastructure funding through its Westside TAD Grant program.

On the private side, Truist Bank served as construction lender and federal and state tax credit equity investor, with Kathy Farrell, Head of Asset Finance & Commercial Real Estate at Truist, participating in the grand opening ceremony. Grandbridge Real Estate Capital provided the permanent loan.

Atlanta Housing's Terri M. Lee noted the broader financial scale of the effort. "Legacy at Herndon Square represents what is possible when strong partnerships, responsible public investment, and a shared commitment to community come together. When all phases are complete, this redevelopment will represent a $176 million investment in Atlanta's Westside, including more than $43 million from Atlanta Housing," she said.

Dr. Eloisa Klementich of Invest Atlanta said the organization's involvement reflects a broader strategy. "Legacy at Herndon Square is exactly what inclusive economic development looks like. Our continued commitment to multifamily housing is a critical part of our broader economic development strategy, and our investments have contributed to over $360 million of new capital investment in this community," she said.

Infrastructure Improvements and Campus Context

Phase II also delivered infrastructure improvements serving the broader Herndon Square campus. Work included the addition of a turning lane along Northside Drive to improve access to the site, as well as the extension of Herndon Square Avenue and Alonzo Herndon Boulevard to complete the internal street grid for all phases of the redevelopment. Invest Atlanta partially funded this infrastructure work through the Westside TAD Grant program.

Legacy at Herndon Square sits adjacent to Science Square, a bio-health and life science innovation campus near Georgia Tech. Together, Herndon Square and Science Square are described as comprising more than 500 new workforce housing units and over 1.8 million square feet of office, lab, and life science space, forming an emerging housing and health district on Atlanta's Westside.

Master Plan Phasing and Outlook

Legacy at Herndon Square is the second of five planned phases at the former Herndon Homes site. Phase I, Herndon Square Senior at 464 Cameron M. Alexander Blvd NW, delivered 97 senior apartments. The full master plan calls for at least 379 multifamily units across two mid-rise buildings, the 97-unit senior building, 32 townhomes, and additional commercial space. Phase III is slated for completion in the second quarter of 2027.

Will Eckstein of Pennrose LLC framed the project's significance at the grand opening. "Legacy at Herndon Square represents years of partnership and an unwavering commitment to ensure long-time Westside residents have a place in Atlanta's bright future. The master plan will serve as a national model for how thoughtful, cross-sector collaboration can deliver high-impact housing solutions that transform neighborhoods, improve quality of life, and expand economic opportunities," he said.

Pennrose LLC has been active in the Atlanta market beyond Herndon Square. Earlier in August 2026, the firm broke ground on Overlook at Garson, a 130-unit affordable mixed-use community along the Atlanta Beltline's Northeast Trail in the city's Lindbergh neighborhood.

Sources

Pennrose LLC — Grand Opening of Legacy at Herndon Square (August 28, 2026)