Investments

840 WOODROW – ATLANTA GA

American South Capital Partners has entered into a joint venture with Woodfield Development to acquire the site at 840 Woodrow SW in Atlanta, marking a major step forward in addressing the city’s affordable housing needs. The 4.2-acre property, strategically located along the BeltLine’s Westside Trail, will become home to a new mixed-use development featuring 326 affordable housing units. The project was sourced by Vida Cos., and it aligns with American South Capital Partners’ mission of investing in transformative projects across underserved communities in the southern U.S.

The development, named 840 Woodrow, will offer a range of unit types across five stories, along with 3,700 square feet of retail space. Residents will benefit from proximity to transit, employment centers, and community amenities, reinforcing the project’s focus on walkability and accessibility. The partnership with Woodfield Development and involvement from American South Fund Management reflect a growing emphasis on creating long-term impact through collaborative capital in areas facing housing affordability challenges.

1,068-unit affordable housing portfolio – NC & SC

Infinity Real Estate Partners has received an $18.75 million investment from American South Capital Partners (“ASCP”), a joint venture of SDS Capital Group and Vintage Realty Company, for the acquisition and renovation of a 1,068-unit affordable housing portfolio with assets located in North Carolina and South Carolina. The portfolio consists of seven communities built between 1968 and 1973 ranging in size from 81 to 200 units, 95% of which are governed by the U.S. Department of Housing and Urban Development Housing Assistance Program.

• Boulder Creek, Greenville, SC
• Crescent Hill Apartments, Spartanburg, SC
• Roosevelt Gardens, Orangeburg, SC
• Spring Grove Apartments, Taylors, SC
• Cedar Moor Apartments, Raleigh, NC
• Timber Ridge, Charlotte, NC
• Brentwood Crossing, High Point, NC

ENTRADA AT SAN MARCOS – TEXAS

The development is being financed with a 40-year HUD 221(d)(4) loan, which facilitates new construction of housing for moderate-income families, originated by Regions Bank. The financing package also includes a preferred equity investment provided by American South Capital Partners (“ASCP”) a joint venture of SDS Capital Group and Vintage Realty Company. The preferred equity was arranged by Francisco Herrera of Peak 15 Capital.

ASCP made the investment through its recently closed $174 million American South Real Estate Fund II, which provides equity financing for real estate sponsors of affordable housing projects located in 10 Southern states (Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas). ASCP, through its family of funds, have to-date collectively committed more than $176 million to 26 projects, financing more than 7,025 housing units – 82% of them affordable to families at less than 80% of the AMI.

PRESERVE AT HANOVER – BEAUFORT, SC

The American South Real Estate Fund (ASREF II) has closed $13.5M in preferred equity funding to finance the construction of a new affordable housing development in South Carolina! The Preserve at Hanover Park project site, located at Beaufort, will soon be transformed into a 280-unit residential apartment building in an opportunity zone area.

RANDOLPH HILLS – CHARLOTTE, NC

AMERICAN SOUTH CAPITAL PARTNERS INVESTS $4.2M IN NORTH CAROLINA AFFORDABLE HOUSING COMPLEX
$174M ASREF II closed financing for acquisition and renovation of 168-Unit affordable housing complex in Charlotte; Third Project in NC

SIX-PROPERTY LOW INCOME PORTFOLIO (LIHTC) – TEXAS

Elizabeth Property Group Closes on Investment in Six-Property Portfolio of Texas Low Income Housing Tax Credit (LIHTC) Projects; Financing Provided by Funds Affiliated with American South Fund Management, LLC. Investment finances the acquisition/renovation of 1,444 affordable units throughout Texas.

PRESERVE AT FLAGLER BEACH – FLORIDA

With total development costs projected at $57 million, The Preserve at Flagler Beach is the first investment in Florida for ASFM impact funds. All 240 one, two and three-bedroom apartment units will be rented at rates affordable at 115% Area Median Income (AMI) or less, bringing critically-needed workforce housing to this community.

LIFE AT LAKESIDE VILLAS – WILMINGTON, NC

Olive Tree Affordable Housing, the affordable housing subsidiary of Olive Tree Holdings, a private real estate-focused private investment firm, today announced the acquisition of The Life at Lakeside Villas, a 429-unit affordable multi-family development at the 1519 Lake turnoff in Wilmington, North Carolina. With equity provided by the American South Fund Management Team, Olive Tree has announced a capital improvement program to begin in the second quarter of 2023 to improve the quality of life for residents.

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 40^th 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.

Read Full Press Release

LIFE AT STERLING WOODS – HOUSTON, TX

ASREF II ANNOUNCES FIRST INVESTMENT – IN HOUSTON

Houston, TX – August 4, 2021 – Funding has been secured to acquire and begin the improvement of The Life at Sterling Woods (formerly known as Villas on Winkler) complex into a 234-unit senior/ affordable multifamily apartment community in Houston, Texas. The project is being rehabilitated by Olive Tree Holdings and will be managed by their affiliate property management and construction management company, The Life Properties, which oversees the day-to-day operation and business plan execution exclusively for Olive Tree Holdings’ multifamily portfolio. The Life at Sterling Woods is Olive Tree Holdings’ 34th multifamily acquisition and the 13th in the Houston market.

FRIEDRICH LOFTS – SAN ANTONIO, TX

SAN ANTONIO HOUSING DEVELOPMENT SECURES EQUITY FINANCING FROM AMERICAN SOUTH REAL ESTATE FUND TO CLOSE FIRST PHASE OF FRIEDRICH LOFT DEVELOPMENT

San Antonio, TX – The American South Real Estate Fund (ASREF) has provided $10.6 Million as an equity partner in a public-private-partnership with Provident Realty Advisors, a Dallas-based real estate development firm, and the San Antonio Housing Trust-Public Facility Corporation (SAHT) to transform the long-shuttered Friedrich Air Conditioning Plant in San Antonio’s East Commerce area. The $68 million Friedrich Lofts development will increase the amount of affordable housing in San Antonio’s Eastside, an area where it is critically needed.

Situated on six-acres less than two miles from downtown San Antonio, the former air conditioning plant ceased operations in 1990. For thirty-years it has been a source of blight for the neighborhood. More than 600 jobs were lost due to the shutdown, which has also to the 35.89% poverty rate in the community. The new Friedrich Lofts development at 1617 E. Commerce St. will transform the dilapidated and environmentally challenged site into much-needed affordable housing for the Eastside community. A 75-year ground lease with the San Antonio Housing Trust ensures that half, or 174 of the multifamily units will be designated for low- or moderate-income families making less than 80% and 60% of area median income (AMI).

PARK VILLAGE – HOUSTON, TX

ASREF INVESTS WITH REPEAT SPONSOR TO ENHANCE MULTI-FAMILY COMMUNITY WHILE MAINTAINING AFFORDABILITY

Houston, TX – The American South Real Estate Fund has provided preferred equity capital to finance the acquisition and renovation of a 312–unit affordable multifamily community located in the working-class Alief submarket, the most diverse community in the entire Houston MSA. ASREF’s investment will preserve and improve the quality of affordable housing for residents in this LMI area and reposition a community that has had only limited capital infusion by previous owners. The capital plan includes addressing mechanical and roof deferred maintenance, as well as exterior, interior, and common area amenity improvements that will benefit the quality of life for residents and families.

The community is subject to a Land Use Restriction Agreement (LURA) that extends beyond the term of ASREF’s investment that mandates 100% of the units be leased to individuals and families whose income is 60% or less of area median income. The median income for residents is only 45% of the Houston MSA. The community is located in a predominately minority area (95%) with 37% below the poverty line.

ASREF partnered with a value-add investor with significant holdings in Atlanta and Houston that focuses on improving the quality of undervalued or blighted Class B and C properties in low and moderate-income neighborhoods.

AFFORDABLE MULTIFAMILY – HOUSTON, TX

ASREF DEPLOYS IMPACT CAPITAL TO PRESERVE AND IMPROVE AFFORDABLE HOUSING

Houston, TX – The American South Real Estate Fund has provided preferred equity capital to finance the acquisition and renovation of a 309–unit affordable multifamily community located in southeast Houston. ASREF’s investment will preserve the availability of affordable housing for residents in this LMI area and improve an asset that has not had a major renovation in over two decades. The capital plan includes cost-efficient exterior, interior, and common area amenity improvements that will benefit the quality of life for residents and families.

The community is subject to a Land Use Restriction Agreement (LURA) beyond the term of ASREF’s investment that mandates 100% of the units be leased to individuals and families whose income is 60% or less of area median income. The median income for residents is only 28% of the Houston MSA. The community is located in a predominately minority area (82%) with 32% below the poverty line.

ASREF partnered with a value-add investor with significant holdings in Atlanta and Houston that focuses on improving the quality of Class B and C properties typically in low and moderate-income neighborhoods.