Monarch Private Capital Invests in $20M Affordable Complex Near Atlanta

COVINGTON, Ga. — Monarch Private Capital (MPC) has invested $20 million of equity in Harmony at Covington Apartments, a 122-unit affordable seniors housing community in Covington, through the low-income housing tax credit (LIHTC) program.

The complex will be situated at the corner of Covington Bypass and Ga. Highway 36, two miles south of downtown Covington and 35 miles east of downtown Atlanta.

MPC is partnering with Hill Tide Development, Timshel Development, CRN Development and Gateway Development Corp. to build the project, which is slated for completion in late 2020. According to MPC, the current vacancy rate for affordable, elderly targeted multifamily housing in Newton County is below 1 percent.