ATLANTA-The Prestwick Development Co. will launch an affordable-housing development for the elderly, now that it has purchased the property for the project, a 2.13-acre site in the East Point Corridors Tax Allocation District in the city of East Point in the Atlanta metropolitan area.

The property was purchased for $1.7 million from the Citizens Trust Bank, which had foreclosed on the property. Richard Bowers & Co., a commercial real estate company, represented the seller.

Prestwick was awarded $8.5 million in federal affordable housing tax credits last fall by the US Department of Housing and Urban Development and the Georgia Department of Community Affairs. Gateway East Point, as the project is known, will cost about $13 million, a sum which includes the tax credits. The developer will pay just under $300,000 to demolish the existing 47-year-old, seven-story empty medical office building at the site.