
AMERICAN SOUTH REAL ESTATE FUND
About ASREF
The American South Real Estate Fund (the “Fund” or “ASREF”) provides mezzanine debt, preferred equity, and equity financing for real estate projects located in emerging low- and moderate-income neighborhoods in ten southern states.
ASREF is an impact fund having a Triple Bottom Line (“TBL”) investment strategy:
First Bottom Line:
Second Bottom Line:
Third Bottom Line:
Manager
SDS Capital Group (SDS)
SDS was founded in 2001 by Deborah La Franchi. SDS specializes in structuring and managing impact funds. These funds seek risk-adjusted market rates of return (the First Bottom Line), while also targeting positive economic and community development impacts (the Second Bottom Line) and environmental sustainability (the Third Bottom Line). SDS has over $1 billion of current and past impact assets under management, which includes its own portfolio of impact investments ($580 million) and those of third-party impact funds ($494 million) using SDS’ investment platform. For the fourth year in a row, SDS was named to Impact Assets 50, a select group of fund managers in the impact investing space.
Vintage Realty Company (Vintage)
Vintage is a 150-person, full-service commercial real estate firm headquartered in Shreveport, Louisiana, with a regional presence in Louisiana, Arkansas, Texas and Mississippi. Vintage’s team manages the Fund’s originations, secures and structures all equity and debt, manages the construction process, and manages the assets. Vintage also has full-scale real estate brokerage and property management divisions. Vintage utilizes a comprehensive, integrated management approach that provides the opportunity to maximize value for its portfolio – as well as for its clients’ properties – throughout the asset lifecycle. Vintage has served as the developer for 3,811 multi-family units, with 2,914 units under its current management, and an additional 760 units currently under construction or in the development phase. Upon delivery of these new units, the Vintage portfolio will represent a market value of approximately $500 million. The integrity and vision of the founders has yielded the loyalty of employees, clients and investors. Vintage has been actively developing, managing and brokering real estate projects throughout the South since its inception in 1988.
IMPACT METRICS
Minority Sponsors
%
Average Poverty Rate of Communities Invested In
%
Average Minority Population
%
Average African American Population
# Low-Income Affordable Housing Units (84% of Total Units)

Our Team

Deborah La Franchi
Ms. La Franchi has 22 years of investment experience and is the founder and CEO of SDS Capital Group — a...
Deborah La Franchi


David Alexander
Mr. Alexander oversees operations and provides strategic direction for the Fund, particularly on the investment side. Mr. Alexander sits on...
David Alexander


Kip Hamilton
Mr. Hamilton oversees the day-to-day operations of the Fund and leads the investment and asset management teams. Mr. Hamilton sits...
Kip Hamilton


Kent Peters
Mr. Peters serves as the day-to-day in-house point person at Vintage for ASREF and is responsible for piloting originations, due...
Kent Peters


Laura Baron
Ms. Baron oversees the Fund’s financial management and sits on the Investment Committee. Ms. Baron is engaged in all aspects...
Laura Baron


Tyler Epps
Mr. Epps, who works out of the Fund’s Atlanta office, leads ASREF’s originations and also assists in underwriting and asset...
Tyler Epps


Sarah Parsons
Ms. Parsons joined Vintage Realty Company in February 2014 as a Property Manager in Multi-Family, managing a 208-unit apartment community....
Sarah Parsons


Jimmy Backofen
Mr. Backofen participates in the investment and asset management activities of the Fund and sits on the Investment Committee. Mr....
Jimmy Backofen


Asteria Steinberger
Ms. Steinberger sits on the ASREF II Investment Committee. Ms. Steinberger’s experience in real estate centers on underwriting, asset management,...
Asteria Steinberger


Kendall Demouchet
Mr. Demouchet is an Associate with Vintage Realty and provides underwriting and origination support. His education and training includes economic...
Kendall Demouchet


Rathi Ramasamy, MPH
Ms. Ramasamy manages the project and fund level impact reports for ASREF II. She is responsible for finalizing all social,...
Rathi Ramasamy, MPH


Austin Ross
Mr. Ross is responsible for underwriting, origination and asset management support on behalf of ASREF. Prior to joining Vintage Realty...
Austin Ross

News
- Press
- Investments
$12.5 Million To Develop Workforce Housing In Flagler Beach Florida

The Preserve at Flagler Beach Press Release 6.2022
Piedmont and American South Fund Management Announce Newest Investment in Florida; $12.5 Million to Develop Workforce Housing. The Preserve At Flagler Beach ground-up development to construct 240-unit garden-style workforce apartment community.
$12.5 Million to Develop Workforce Housing in Flagler Beach Florida
The Preserve at Flagler Beach Press Release 6.2022
Piedmont and American South Fund Management Announce Newest Investment in Florida; $12.5 Million to Develop Workforce Housing. The Preserve At Flagler Beach ground-up development to construct 240-unit garden-style workforce apartment community.
$23M Investment Partnership With Olive Tree Holdings

$23M Investment Partnership with Olive Tree Holdings
ASREF II ANNOUNCES FIRST INVESTMENT – IN HOUSTON

ASREF II ANNOUNCES FIRST INVESTMENT – IN HOUSTON
FIRST CLOSE FOR AMERICAN SOUTH REAL ESTATE FUND II

FIRST CLOSE FOR AMERICAN SOUTH REAL ESTATE FUND II

LIFE AT ELMWOOD GROVE – SPRINGDALE, AR
LIFE AT ELMWOOD GROVE – SPRINGDALE, AR
Olive Tree Holdings and American South Real Estate Fund II Announce $23M Investment Partnership Supporting Affordable Housing
The Life at Elmwood Grove Development to Renovate 192 Affordable Multifamily Housing Units in Springdale, AR
Springdale, AR – November 23, 2021 – Funding has been secured to acquire and begin the renovation of The Life at Elwood Grove (formerly known as Springdale Ridge Apartments,) a 192-unit affordable multifamily apartment community in Springdale, Arkansas. The 16-building garden style project is being rehabilitated by Olive Tree Holdings (“Olive Tree”). Life at Elwood Grove is Olive Tree’s 40th multifamily acquisition. This is Olive Tree’s fourth partnership with American South Real Estate Fund (ASREF) I and II, managed American South Fund Management (ASFM), a partnership between SDS Capital Group and Vintage Realty Company. All 192 units will be rented at rates affordable to low-income families.
“Olive Tree’s mission has centered on finding and improving existing assets or new projects that can provide quality housing to workforce households and families across the country. With The Life at Elmwood Grove, we now manage over 8,000 units of affordable housing nationally, meeting a critical need within underserved communities. The financial partnership between Olive Tree and American South Real Estate Fund II , enables us to quickly acquire and initiate project construction. This expedites our pursuit of quality developments that offer affordable rents,” said Ian Bel, Principal, Olive Tree.
The development is located near a variety of major employers that include the University of Arkansas, Tyson Foods (the second largest food company in the S&P 500 and largest employer in Springdale) and Walmart’s global headquarters. The Fayetteville MSA has experienced 2% annual growth for the past decade. Median home values in the area increased by approximately 20%, while median household income rose by just 2.3%. The Life at Elmwood Grove development offers quality housing that is affordable to the community. Income levels within a 5-mile radius of the apartment complex are below 80% of area median income (AMI), with the units being affordable to families at this income level.

CHATHAM MILL – WINSTON-SALEM, NC
CHATHAM MILL – WINSTON-SALEM, NC
ASREF PROVIDES FINANCING FOR PHASE II OF THE HISTORIC REDEVELOPMENT OF CHATHAM MILL
Winston-Salem, NC – The American South Real Estate Fund has provided a $1 million mezzanine loan to finance the next phase of the historic redevelopment of Chatham Mill. Phase I of this project, which was completed in 2016, included the historic restoration of the majority of the original mill structure, which created 170 workforce and affordable apartment units and environmental remediation of the contaminated site. ASREF is financing the next phase of the project, which includes the renovation of two 7,800 square foot industrial buildings that will become the new home of Two Cities Church. A third phase is anticipated to create an additional 40 multi-family units.

LANCASTER ROAD – DALLAS, TX
LANCASTER ROAD – DALLAS, TX
ASREF PROVIDES FINANCING TO ACQUIRE AND REDEVELOP A LONG-DORMANT FORMER COMMUNITY HUB
South Dallas, TX – The American South Real Estate Fund has provided a $1.75 million to E Smith Communities to finance the acquisition and renovation of a long-dormant former community hub in South Dallas’ Lancaster Corridor. The 30,000 square-foot, 2.9-acre building has been vacant for nearly 3 years and is located in a low-income census tract with over 39% poverty. The project, which is near the VA Medical Center, will add much-needed office space to the area and connects downtown Dallas to the growing International Inland Port of Dallas. The project has already garnered strong interest from potential anchor tenants that are on track to create more than 200 permanent, full-time jobs for the area’s mostly low- and moderate-income job seekers. Many of the prospective tenants also plan to bring needed services to the community.

ST. JAMES HOTEL – SELMA, AL
ST. JAMES HOTEL – SELMA, AL
ASREF PROVIDES FINANCING TO ACQUIRE AND REDEVELOP HISTORIC ST. JAMES HOTEL
Selma, AL – The American South Real Estate Fund has provided $3.4 million to Rhaglan Hospitality to finance the acquisition and redevelopment of a shuttered historic hotel. The St. James Hotel is situated along the Alabama River near the landmark Edmund Pettus Bridge — site of the 1965 Civil Rights march that became known as Bloody Sunday. Built in 1837, it is the only surviving riverfront antebellum hotel in the Southeast. The St. James will be one of only nine hotels in the Southeast to be part of the coveted Tapestry Collection by Hilton brand. Reopening the St. James Hotel is a top priority for the Selma Redevelopment Authority, the Mayor and City Council, as the property is viewed as a cornerstone of downtown redevelopment. Upon completion, it is projected to bring more than 40 new jobs to an area with 31.7% unemployment and nearly 54% poverty.