Leaders Cut Ribbon on Re-Launch of Afterschool Programs at Marietta Affordable Housing Community.
The event is being noted as a full-circle moment for Star-C, a non-profit education model with an affordable housing solution, because it is where the innovative non-profit program got its start. When new owner FCP purchased Stratford Ridge, they asked to partner with Star-C, which assists economically disadvantaged families living in affordable housing communities by providing wraparound services ranging from after-school programs to healthcare.
"Star-C provides real benefits to the families living in the community and to the landlord," says Audrea Rease, Executive Director of Star-C. "The families have a safe, free, afterschool program onsite that provides academic support to their children. The landlord has happier residents who are more likely to renew their leases, which stabilizes the community."
Stratford Ridge Apartments (2560 Delk Rd SE, Marietta, GA 30067) is the latest site to launch Star-C programs. At Star-C's four locations, the apartment community's owner contributes approximately 50 percent of the cost to operate the wraparound programs. The remaining funds are sourced from foundations, donations and grants. Part of Star-C's mission is to improve educational performance by reducing student transiency. It partners with apartments near high-need schools, stabilizing affordable housing communities with a mandate/landlord agreement to keep rents affordable. The partner school in this effort is nearby Brumby Elementary School.
"FCP is thrilled to partner with Star-C at Stratford Ridge to offer high-quality after school programming to the children of our residents," says FCP Vice President, Jeff Robertson. "FCP has a longstanding commitment, through our FCP SERVES program, to educate children in the communities in which we invest. When our residents succeed, we all succeed."
In addition to representatives from Star-C, also on hand will be leaders from Brumby Elementary School, the Cobb County Commission, FCP (the owners of Stratford Ridge), Pinnacle Property Management and the surrounding community.
About Star-C Programs: Now in its 4th year, Star-C is a 501(c)(3) non-profit corporation that bills itself as an education model with an affordable housing solution. Star-C's pilot program, at Willow Branch Apartments in Clarkston, has proven successful. Star-C also partners with other entities to ensure resident needs are met in its communities. For instance, at Willow Branch it partners with Oakhurst Medical Center to ensure apartment community residents have access to affordable medical care. Star-C holds a monthly breakfast at which anyone who is interested can learn more about the organization, programs and outlook; see Monthly Breakfast information on its website: http://www.star-c.org.
Marjy Stagmeier, a partner in TriStar Real Estate, is the founder of Star-C, and will be on hand for the event, as will her business partner at TriStar, Duncan Gibbs. Both Stagmeier and Gibbs serve on Star-C's board, with Stagmeier serving as its Chair. TriStar principals have been investing in core and value-add real estate since 1995. In 2013, they formed TriStar Real Estate as an investment platform for domestic and international fund and direct investments in American commercial real estate, including a broad spectrum of property classes at opportune timing in the market cycles. TriStar launched a social impact fund in 2015 to facilitate the proliferation of affordable housing in Atlanta. Star-C partners both with TriStar-owned properties, as well as those owned by others, such as FCP's Stratford Ridge.
"When my partners and I previously owned and renovated this property, we realized the impact that an apartment community can have on local schools," Stagmeier says. "By stabilizing this community, providing an onsite afterschool program and collaborating with the school, we were able to help Brumby Elementary become a Title I School of Distinction. We were so proud of that, and we're excited about what Star-C, Brumby and FCP will accomplish together now."
FCP℠ is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
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|Publication:||PR.com (Press Releases)|
|Date:||Feb 21, 2019|
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