The North Avenue Apartments were constructed in 1996 for the benefit of Georgia State
University (“Georgia State”) at a location adjacent to the Georgia Tech campus, and the Board of
Regents subsequently determined that it was in the best interests of Georgia Tech and Georgia
State that the project be used to house Georgia Tech students instead of Georgia State students.
The project was transferred to Georgia Tech in 2007 and currently houses approximately 2,000
Georgia Tech undergraduate and graduate students. Major repair and renovation work was completed in 2009. The acquisition and renovation of the facility was
funded with the Development Authority of Fulton County Series 2007A, Series 2007B, and
Series 2007C Revenue Bonds. The Series 2007B and Series 2007C Bonds have recently been
refunded with the Development Authority of Fulton County Series 2008B and Series 2008D
Refunding Revenue Bonds.