FOR IMMEDIATE RELEASE
The Atlantic Companies Secures $24 Million Investment from American South Capital for Chattanooga Riverfront Multifamily Development
New 278-Unit Project to Deliver Workforce Housing in High-Demand Urban Core
Chattanooga, Tenn (Dec. 11, 2025) — The Atlantic Companies has received a $24 million equity investment from American South Capital Partners (“ASCP”), for the development of 702 Manufacturers Road, a 278-unit multifamily community located on the Tennessee River in the Northshore area of downtown Chattanooga, Tenn.
Slated for final completion in the 4th quarter of 2027, 702 Manufacturers Road will offer studio, one-, and two-bedroom apartment homes. It will be the only multifamily community directly on the Tennessee River within Chattanooga’s Northshore neighborhood, providing residents with direct access to a newly built multi-use path, downtown employers and a wide range of retail and recreational amenities. The property will also feature a river launch pad for paddleboards and kayaks, enhancing access to outdoor activities.
This partnership between The Atlantic Companies and ASCP reflects their commitment to supporting high-quality, purpose-driven workforce housing within rent-burdened communities across the Southern United States. Ameris Bank provided the construction financing.
The development is one of the first to benefit from Chattanooga’s new tax abatement program, which incentivizes the inclusion of affordable units in upscale projects. In exchange for tax savings, the Sponsor has committed to designating 42 units as affordable — serving Chattanooga’s “missing middle,” including teachers, nurses, and first responders.
“Unlike traditional tax abatement programs, Chattanooga’s PILOT initiative is pioneering in its focus on integrating affordable housing into market rate developments,” said The Atlantic Companies Development Principal Frank Reese. “With this program, the city is focused on placing affordable housing not 30 minutes outside of town, but right in the heart of the city—close to jobs and amenities.”
According to recent data, nearly 70% of Chattanooga renters are either rent-burdened or severely rent-burdened, underscoring the urgent need for more affordable housing options according to Chattanooga mayor Tim Kelly.
“To address our city’s growth and affordable housing needs, Chattanooga made cutting-edge housing policy reforms,” Mayor Kelly said. “American South Capital Partners is an investor we’re proud to have in our market. We look forward to this mixed-income housing project breaking ground and more to come across the Scenic City.”
ASCP’s commitment includes $12 million from its recently launched American South Real Estate Fund III that closed its first round at $60 million. Through its family of funds, ASCP, a joint venture of SDS Capital Group and Vintage Realty Company, provides preferred equity and equity to real estate sponsors for the development and preservation of affordable and workforce housing across 10 Southern states (Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas). To date The American South Real Estate Funds I, II and III has committed approximately $217.4 million to 29 projects, supporting the development of 7,836 housing units—81% of which are affordable for families earning less than 80% of the area median income.
“The greater Chattanooga area has experienced phenomenal growth over the last 30 years,” said Tyler Epps, ASCP Executive Vice President, Originations. “This vibrant community is the first project built on the riverfront and it is the type of project that both ASCP and The Atlantic Companies aspire to do more of moving forward. It represents the type of changes that the City of Chattanooga has been striving to have created as a way to continue to uplift the community.”
About American South Capital Partners
American South Capital Partners manages a family of real estate impact funds focused on investing in transformative projects in 10 states across the Southern U.S. American South Capital Partners, 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).
About The Atlantic Companies
The Atlantic Companies (“TAC”) is a privately held, full-service real estate operating company providing development, acquisition, leasing, property and asset management services owned by TAC’s principals and their investment partners. Headquartered in Atlanta and operating across the Southeast, TAC’s properties include residential, industrial, office, lab and supporting retail and parking. TAC’s ability to execute challenging, sophisticated projects is derived from the seven principals’ compatible experience in development management, acquisitions, financing structures, leasing/management, and the strength of its capital partners and lenders. Led by industry veterans Jim Meyer and Mack Reese, TAC was created in 2021 through a merger of Atlantic Capital Properties (Meyer) and Gateway Ventures (Reese).
Ameris Bank
A subsidiary of Ameris Bancorp (NYSE: ABCB), Ameris Bank offers a full range of financial services, including traditional banking and lending products, treasury and cash management, wealth management, insurance premium financing, and mortgage and refinancing solutions. Ameris Bank is headquartered in Atlanta, GA, has 200 locations across the southeast and over $27 billion of total assets.
