Funding has been secured to develop The Preserve at Flagler Beach, a 240-unit workforce apartment community located in Flagler Beach, Fla.
The 240-unit apartment community project will be developed through a joint venture between Portage Real Estate and Piedmont Private Equity.
This is Portage Real Estate's second partnership with impact real estate funds managed by American South Fund Management (ASFM), a partnership between SDS Capital Group and Vintage Realty Company.
With total development costs projected at $57 million, The Preserve at Flagler Beach is the first investment in Florida for ASFM impact funds.
All 240 one-, two- and three-bedroom apartment units will be rented at affordable rates at 115 percent Area Median Income (AMI) or less, attracting critically needed workforce housing to this community.
Impact funds managed by ASFM target their impact investments into distressed communities of color within a 10-state footprint across the Sou
