American South Fund Management invests $13.5m in South Carolina workforce housing development JV

American South Fund Management (ASFM) has provided the joint venture of Portage Properties, Piedmont Private Equity and Mid-Atlantic Capital with $13.5 million of preferred equity for the development of The Preserve at Hanover Park, a 280-unit workforce housing community now under construction in Beaufort, S.C.

ASFM, a joint venture between SDS Capital Group and Vintage Realty Company, invested in its $174 million American South Real Estate Fund II, which provides preferred equity and equity financing for real estate sponsors with projects located in emerging low- and moderate-income neighborhoods in 10 Southern states (Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas). Through ASREF II and its predecessor fund ASREF I, ASFM to date has collectively committed more than $138 million to 23 projects, financing 5,429 housing units — 79 percent of them affordable to families at less than 80 percent of the AMI.