Atlanta-Area Renter Achieves Homeownership with the Help of Center Creek Capital Group’s Innovative Affordable Housing Program
Tuesday, January 31st, 2023
Center Creek Capital Group ("Center Creek"), a mission-oriented investment and development firm specializing in affordable single-family housing, announced today the sale of one of its single-family rental homes to an existing resident – marking the first successful renter-to-homeowner transition in its Pathway to Homeownership ("P2H") program.
Center Creek’s impact-focused investment strategy preserves distressed single-family rental properties in underserved communities across the southeastern United States, rehabilitates the properties into quality homes, and commits them affordability. To date, Center Creek has invested over $75 million into underserved markets, including $12.5 million in the rehabilitation and upgrade of distressed single-family properties.
"At Center Creek, our Affordable Housing Impact Investment strategy is focused on providing low- and moderate-income Americans with a range of affordable living options, through rentals or homeownership," said Dan Magder, CEO of Center Creek.
"We have renovated nearly 500 distressed houses and turned them into affordable rentals, and our P2H program provides the tools to our residents to convert them from renters into homeowners. We see the P2H program as an industry model that will help more people transition to homeownership and begin the process of building generational wealth that for their families."
Today’s sale of the Atlanta-area home, combined with the twenty other Center Creek residents presently in the P2H program pipeline, demonstrates the scalability of Center Creek’s innovative program. The P2H program is a centerpiece of the firm’s broader mission to generate meaningful real-world progress in addressing the nation’s ongoing housing affordability crisis with impact-focused investments in affordable single-family rentals.