Project Destined aims to groom Atlanta's minority youth into Real Estate stakeholders
Sixty students picked to brainstorm how elements of The Battery Atlanta might work in underserved Beltline areas
Leaders with Project Destined aim to expose select “scholars” to all aspects of real estate investment, they have picked 60 students from area high schools (Banneker, Tri-Cities, Langston Hughes, Frederick Douglass, and Grady) and three colleges (Morehouse, Spelman, and Georgia Tech) to launch what’s called the Atlanta Ideas Challenge.
For the initiative, Project Destined has partnered with Atlanta-based multifamily real estate investment firm Cortland, which recently added The Battery’s 531-unit apartment hubs to its metro-wide portfolio. Project Destined will lead scholars on a tour of the $700 million Battery complex, challenging them to image how similar concepts could work in underserved Beltline areas. Student teams will then present ideas—by way of a Shark Tank-style panel—to Cortland real estate executives and Project Destined mentors.
The education will continue as Cortland officials, alongside mentors from Harvard Business School, Emory University’s Goizueta Business School, and the Terry College of Business at the University of Georgia lead monthly sessions. Topics will include deep dives “into architecture and construction, finance and deal structuring, and operations and property management,”.
The overarching goal is to get Atlanta students thinking about what type of projects would eventually make for viable investments—and considerations appropriate for each case. With the help of Project Destined’s team, students will eventually invest in a property and tackle the process of upgrading it on a budget. Determining exactly what that investment will be locally is the next step.
Recent initiatives include rental units turned into an investment property in South Florida and a possible hotel revamp in Detroit. More than 150 students have completed the programs, scoring more than $75,000 in scholarships.
via Curbed Atlanta