10/14/2026
FOR IMMEDIATE RELEASE
Contact: Dennille Leslie
Marketing Director
IDP Properties
386-623-4881
www.idpproperties.com
October 14, 2026
IDP Properties and Housing Authority of DeKalb County Close on $37.4 Million Redevelopment of Villas of Friendly Heights
DECATUR, Ga. – IDP Properties, LP (“IDP”), in partnership with the Housing Authority of DeKalb County, is pleased to announce the successful financial closing of Villas at Friendly Heights, a $37.4 million acquisition and redevelopment that will preserve 132 affordable apartment homes in DeKalb County and ensure their long- term affordability for families in the Atlanta metropolitan area.
Originally constructed in 2003, Villas at Friendly Heights will undergo a comprehensive rehabilitation that will modernize all 132 apartment homes, upgrade common areas, and create new community amenities designed to enhance residents’ quality of life. The community offers one-, two-, and three-bedroom apartment homes serving households earning between 50% and 70% of the Area Median Income (AMI).
The redevelopment will introduce a wide range of upgraded resident amenities, including a community laundry facility, fitness center, playground, arts and crafts activity center, barbecue
facilities, and covered picnic areas. Upon completion, the property is expected to achieve Bronze certification under the National Green Building Standard (NGBS), reflecting the development team’s commitment to sustainability and energy-efficient design.
“This closing represents another important investment in preserving affordable housing in Metro Atlanta,” said Rhett Holmes, President and Principal of IDP. “By acquiring and comprehensively renovating Villas at Friendly Heights, we are extending the life of an important affordable housing
community while providing residents with modern homes, enhanced amenities, and long-term housing stability. We are grateful to our public and private partners whose collaboration made this redevelopment possible.”
“This project is a major, deliberate step toward our significant progress of making affordable housing in our community truly available and accessible. We are grateful for our public and private partners in this acquisition and extensive renovation of Villas at Friendly Heights. Residents will be able to experience a beautiful, contemporary, energy-efficient, and reasonably priced home that fits their personal budget. Our goal is to provide them with a vital opportunity that enhances their lives as well as the lives of their families and the community,” said Pete Walker, CEO of Housing Development Corporation.
The financing structure included tax-exempt bonds issued by the Housing Authority of DeKalb County, together with federal and state Low-Income Housing Tax Credits (LIHTCs). BWE arranged
the financing, including the placement of a new HUD 241(a) loan to fund the rehabilitation. Stifel, Nicolaus & Company, Inc. served as underwriter for the tax-exempt bonds, and United Bank provided bridge financing to facilitate the transaction. Equity was provided by PNC Bank, N.A., and Sugar Creek Capital.
“The Georgia Department of Community Affairs is proud to support the rehabilitation of Villas at Friendly Heights. Projects like this one are important to achieving our goal of ensuring hardworking Georgia families have access to safe, quality, affordable homes,” said Kim Golden, Director of the
Office of Housing Finance at the Georgia Department of Community Affairs.
The redevelopment team includes Choate Construction as general contractor, DNA Workshop as architect, and ASA Engineering & Consulting as civil engineer.
The acquisition and redevelopment of Villas at Friendly Heights represents a significant investment in preserving quality affordable housing and reinforces the commitment of IDP and the Housing Authority of DeKalb County to ensuring that affordable housing opportunities remain available for current and future generations throughout the Atlanta region.
About IDP Properties
IDP Properties is a full service boutique real estate development firm headquartered in Valdosta, Georgia, that invests in and redevelops communities. IDP’s principals have completed more than $1 billion in development projects and specialize in acquisitions, property management, consulting, and development with an emphasis on housing. IDP takes pride in creating properties that are as diverse as the communities they serve. The company’s purpose is to strengthen communities and
leave a lasting positive impact.
