The Preserve at Hanover will feature a mix of one-, two- and three-bedroom apartment homes housed in eight garden-style residential buildings on a nearly 20-acre site at 139 Robert Smalls Parkway.
Unit interiors will feature high-end finishes, stainless steel appliances, smart-home technology, and in-unit washer/dryers. Common area amenities include state-of-the-art fitness center, resort-style swimming pool and pickleball courts. When completed, the Portage-led joint venture will deliver high-quality housing to low- and moderate-income households earning 115% or less of the area median income (“AMI”).
This is the third investment ASFM has made with Piedmont and Portage, and now with the additional partners of Mid-Atlantic Capital. Collectively, the financing relationship has constructed 760 workforce and affordable multifamily units.
“ASFM has been key partner in our success, enabling us to continue building quality workforce housing units across the South,” said Walter Hall, Managing Member of Piedmont Private Equity. “All of our partners in the Preserve at Hanover Park are enabling us to bring much-needed high-quality for-rent housing to the community of Beaufort.”
According to a study by Beaufort County, half the renters in the county are rent burdened (defined as paying more than 30% of their income towards rent) with approximately one in five households severely so, which means they are paying more than 50% or more on rent and utilities. Many of these families are living in the city of Beaufort, according to, Deborah La Franchi, ASFM Managing Partner.
“Our mission is to deploy capital to stimulate the development of not just quality rental housing, but housing that is affordable to working class Americans,” she said.
“We are financing affordable and attainable housing units in communities that have a deep desire for this housing yet confront a stagnant supply within their communities,” added David Alexander, ASFM -Managing Partner.
American South Real Estate Fund I&II are real estate impact funds focused on investing in transformative projects in 10 states across the Southern U.S. American South Fund Management, the sponsor of ASREF I&II, is a joint venture between Los Angeles-based impact fund manager SDS Capital Group (www.sds.capital) and Vintage Realty Company, a Shreveport, Louisiana-based property developer/manager (www.vintagerealty.com). SDS Capital Group manages five impact funds. SDS has been selected as an ImpactAssets 50 investment manager for the past six consecutive years, earning the prestigious “emeritus” status within this most globally recognized database of impact fund managers. Founded in 1988, Vintage Realty Company is a leading multifamily real estate developer with more than 200 team members and projects located throughout the South. The partnership leverages their combined real estate experience to finance impactful projects that benefit distressed communities of color throughout the South. ASREF I and II have made investments in communities that are on average 67% minority and suffer from a poverty rate of 29%. For more information, visit asref.com
CONTACT & MORE INFO:
Bruce Beck/DB&R Marketing Communications, Inc
(805) 777-7971 (office)
(818) 540-8077 (mobile)
bruce@dbrpr.com
MEDIA RESOURCES & DOWNLOADS:
