Atlanta-based Infinity Real Estate Partners, with financial support from American South Capital Partners, recently acquired an affordable housing portfolio with assets in North Carolina and South Carolina.
American South Capital Partners, a joint venture of SDS Capital Group and Vintage Realty Co., invested $18.75 million for the acquisition and renovation of the 1,068-unit portfolio. Deborah La Franchi, ASCP’s managing partner and CEO of SDS Capital Group, said this investment will make a tangible impact on the lives of families.
The acquired portfolio consists of seven communities built between 1968 and 1973 including:
- Boulder Creek Apartments – Greenville
- Crescent Hill Apartments – Spartanburg
- Spring Grove Apartments – Taylors
- Roosevelt Gardens – Orangeburg
- Cedar Moor Apartments – Raleigh, North Carolina
- Timber Ridge – Charlotte, North Carolina
- Brentwood Crossing – High Point, North Carolina
Ninety-five percent of the communities are governed by the U.S. Department of Housing and Urban Development’s housing assistance program. Gregory Jones, Infinity Real Estate’s chief investment officer, said the acquisition marks a significant step in the company’s commitment to presevering in housing affordability for the next 20 years.
“This achievement would not have been possible without the invaluable support of our equity partner, American South Capital Partners,” Jones said. “Together, we are ensuring that these homes remain accessible to families and individuals who need them most, reinforcing our shared mission to strengthen communities through sustainable and equitable housing solutions.”
Interior and exterior improvements will be completed across the portfolio along with installing new security systems and repairing maintenance needs. The renovations will be completed until units are occupied.
Once work is completed, 100% of the units will be affordable to those earning 60% or less of the area medium income. Each property will also have a community coordinator through Mercy Housing, a Colorado-based affordable housing organization, who will provide supplemental services for tenants.
