American South Capital Partners
Financing Affordable and Workforce Housing in the American South
Mission & Investment Focus
American South Capital Partners (ASCP) invests in affordable and workforce housing projects across the funds’ 10-state southern footprint. American South Real Estate Fund(s) I and II (ASREF I and ASREF II) are described below.
15
investments
2,050
Housing Units Financed
70%
Of Affordable Housing Units
11
investments
4,975
Housing Units Financed
90%
Of Affordable Housing Units
Fund Capital Snapshot
ASREF’s principal purpose is to provide funding in the types of general projects meeting the criteria listed below:
GEOGRAPHY
AL, AR, FL, GA, LA, MS, NC, SC, TN, and TX (up to the greater of $30 million and 10% of the capital commitments may be invested in the adjacent states of KY, MO, OK, NM, and VA)
PRODUCT TYPE
Diversified across product type: Multi-family, mixed-use, industrial, office, retail, hospitality, educational, medical and other.
TARGET PROJECT SIZE
11% to 14% net IRR to the Limited Partners2
TARGET INVESTMENT SIZE
$2M to $15M, subject to certain investment restrictions
INVESTMENT STRUCTURE
Mezzanine debt, preferred equity or joint venture equity. ASREF is primarily a preferred equity/mezzanine fund but the available capital and financing can be structured to meet the needs of the sponsor. Returns are commensurate with the level of risk.
TARGET INVESTMENT PERIOD
2-4 Years Hold Period
COMMUNITY REINVESTMENT ACT (“CRA”)
All investments are intended to achieve community and economic development impacts. The Fund seeks projects that could receive positive CRA consideration (in emerging low- to moderate-income census tracts or projects that benefit low- or moderate-income persons).
The Partners: Proven Success
In 2014, Deborah La Franchi, founder of SDS Capital Group, and David Alexander, CEO of Vintage Realty Company, co-founded American South Capital Partners (ASCP) to leverage their complementary backgrounds in capital allocation and real estate development.
Deborah La Franchi
David Alexander
Deborah La Franchi
SDS CAPITAL GROUP
Los Angeles, CA
- 2001 Founded
- 100% Woman Owned
- $1.7B Current AUM; $2.5B incl. total historic funds
- 80 Investments in the US
- 34 Investments in the South
- UNPRI Signatory
- 7x IA50 recipient
David Alexander
VINTAGE REALTY COMPANY
Shreveport, LA
- 1988 Founded
- 17.5% Investor weighted avg. IRR
- $1B+ 18 properties multifamily 64 properties commercial
- 200 Team members
- 3,700 Multifamily housing units (~$750M)
- 3.0M SF Retail/office/industrial (CRE: ~$340M)
- Full Service Real estate development/ mgmt.
Vintage Realty Company Founded
Real estate developer and manager in Shreveport, LA. Current portfolio over $1B. Investor-weighted avg. IRR 17.5%.
SDS Capital Founded
Platform of impact funds across the US generating market rates of return. Over $1.7B AUM 54 investments in the South with $607M of SDS capital invested.
SDS / Vintage Connection
SDS and Economic Innovation launch (as consultants) the Northwest Louisiana Community Fund; Ms. La Franchi and Mr. Alexander meet each other as he taps this fund for impact developments.
ASCP Partnership Formed
Debbie La Franchi and David Alexander combine the synergistic skills of Vintage and SDS to form ASCP.
Launch of
ASREF I
$58M Fund Size, 15 Investments.
Launch of
ASREF II
Close of
ASREF II
$174M Fund Size as of October 2024, 10 Investments
Launch of
ASREF III
Vintage Realty Company Founded
Real estate developer and manager in Shreveport, LA. Current portfolio over $1B. Investor-weighted avg. IRR 17.5%
SDS Capital Founded
Platform of impact funds across the US generating market rates of return.Over $1.7B AUM 54 investments in the South with $607M of SDS capital invested
SDS / Vintage Connection
SDS and Economic Innovation launch (as consultants) the Northwest Louisiana Community Fund; Ms. La Franchi and Mr. Alexander meet each other as he taps this fund for impact developments.
ASCP Partnership Formed
Debbie La Franchi and David Alexander combine the synergistic skills of Vintage and SDS to form ASCP.
Launch of
ASREF I
$58M Fund Size, 15 Investments.
Launch of
ASREF II
Close of
ASREF II
$174M Fund Size as of October 2024, 10 Investments
Launch of
ASREF III
How ASREF.
is Making a Difference
ASREF invests in low-income, most often – distressed communities of color – that confront severe affordable-housing crises. These investments transform communities and the lives of the tenants while offering financial opportunity to investors aligned with this vision.
67%
NON
WHITE
39%
AFRICAN
AMERICAN
29%
POVERTY
RATE
69%
AREA MEDIAN
INCOME
WOMAN OR MINORITY
PROJECT SPONSORS
13%
UNEMPLOYMENT
RATE
ASREF Latest News
“When Debbie and I partnered SDS and Vintage on this effort back in 2014, we knew we were going to make a difference to communities of need and meet our investors return needs – now we are seeing, with the gap in affordable housing in the market, we need more focus on this segment of the market than ever before.
David Alexander, Managing Partner
ASCP and CEO Vintage Realty Group
