Elmington Residential Acquires 260-Unit Workforce Housing Community in Atlanta, GA

ATLANTA - EntSun -- Elmington Residential has received an $18 million equity investment from American South Capital Partners ("ASCP") to acquire The Asher at Sugarloaf, a 260-unit multifamily property in the Atlanta submarket of Lawrenceville, GA.

Built in 2008, The Asher at Sugarloaf offers a well-designed unit mix of affordable and workforce housing consisting of one-, two-, and three-bedroom floorplans. The acquisition preserves all 260 units as income-restricted under a Private Enterprise Agreement with the Housing Authority of Gwinnett County, underwritten as affordable with 20% of units preserved at less than 60% of the Area Median Income, 30% of the units preserved at less than 80% of the Area Median Income, and the remaining 50% of the units at less than 120% of the Area Median Income. The community is located within Gwinnett County, one of the Southeast's fastest-growing metropolitan areas, which is aggressively working to maintain and expand the affordable and workforce housing inventory in the market, including six affordable projects currently in process.

Elmington Residential is a subsidiary of Elmington Capital, a privately owned vertically integrated real estate acquisition and development firm focusing on the development, acquisition, construction, and management of affordable, market-rate, mixed-use, and workforce housing communities. The Nashville-based firm's owned portfolio includes over 70 properties in 10 southeastern U.S. states totaling nearly 14,000 units. The firm's integrated operating model enables it to source, develop, construct, lease, and manage assets in-house, creating operational efficiencies and long-term value. Elmington Residential will utilize ASCP's capital injection to expand its robust portfolio.

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"Partnering with ASCP provides the strategic, purpose-driven capital necessary to keep our communities accessible, stable, and thriving," said Elmington EVP Jason Abel. "This $18 million investment significantly strengthens our ability to execute large-scale preservation strategies. By keeping affordability at the cornerstone of regional growth, we are ensuring that Georgia's essential workforce isn't priced out of the very neighborhoods they serve."

The collaboration builds upon the history of success both Elmington and ASCP have had navigating complex housing programs and local municipal incentives. By combining Elmington's local development expertise with ASCP's specialized impact capital, the joint venture will preserve hundreds of critical affordable and workforce units in rapidly growing, rent-burdened markets.

"Preserving affordable housing requires aligning with top-tier partners who understand the local landscape, and working alongside a highly regarded sponsor like Elmington allows us to maximize our regional impact," said Tyler Epps, ASCP Executive Vice President. "Our institutional funds were built exactly for this purpose—to deploy impactful equity into communities where housing demand is soaring but supply for working families is critically low. Capital where it's needed most."

Patterson Real Estate Advisory Group, one of the top capital intermediaries in the multifamily housing space, arranged the financing.

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"Structuring capital for affordable and workforce housing requires a nuanced understanding of how gap funding interacts with local market dynamics," adds Laura Cloud of Patterson Real Estate Advisory Group. "By aligning ASCP's impact capital with Elmington's premier operational platform, we were able to create a capital stack capable of preserving vital affordability while generating sustainable real estate solutions in high-barrier Southern markets."

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About American South Capital Partners

American South Capital Partners (ASCP) is an institutional investment manager financing affordable and workforce housing across a 10-state Southern footprint. Through its American South Real Estate Fund (ASREF) series, ASCP partners with experienced local sponsors to build and preserve quality housing for working families. Since 2014, ASCP has made 30 investments financing or preserving over 8,000 multifamily units. ASCP is a joint venture between Los Angeles-based impact fund manager SDS Capital Group (https://www.sds.capital) and Vintage Realty Company, a Shreveport, Louisiana-based property developer/manager (www.vintagerealty.com).