What makes this ASREF's largest deal to date?

The $10.6 million equity investment by American South Real Estate Fund for the Friedrich Lofts project represents their largest single investment, part of a $68 million total project to transform a 30-year vacant manufacturing plant into 347 units of workforce housing.

What was the Friedrich Air Conditioning plant before redevelopment?

The Friedrich Air Conditioning plant at 1617 E. Commerce Street was a commercial refrigeration manufacturing facility that closed 30 years ago, eliminating roughly 600 jobs and contributing to a 36% poverty rate in the immediate area.

How will the Friedrich Lofts address San Antonio's housing needs?

The development will provide 347 apartment units with about half devoted to low- or moderate-income residents making considerably less than the $72,000 area median income for a family of four, offering an affordable option less than 2 miles from downtown San Antonio.

What is the size range of apartments in Friedrich Lofts?

The apartments will average about 873 square feet, ranging from 625-square-foot efficiency units to two-bedroom units totaling more than 1,000 square feet of living space.

August 11, 2020

ASREF Closes Its Largest Investment Into Workforce Housing Development in San Antonio

Q: Who reported on this investment?

CoStar News reporter Candace Carlisle profiled ASREF's investment in the article 'Impact Fund Closes Its Largest Deal With Plans for Texas Affordable Housing,' providing comprehensive coverage of the transformative project.

ASREF invests $10.6 million to repurpose a 30-year vacant Texas air conditioning plant, in community with 36% poverty rate, into 347 units of multifamily housing.

“Impact Fund Closes Its Largest Deal With Plans For Texas Affordable Housing.”
Candace Carlisle profiles ASREF’s investment to transform a former plant site into Friedrich Lofts, a new downtown gateway in San Antonio’s East Side neighborhood. To read the full CoStar News article, click below.