American South Capital Partners (ASCP), a joint venture of SDS Capital Group and Vintage Realty Company, has invested $18.75 million in Infinity Real Estate Partners to acquire and renovate 1,068 affordable housing units in North and South Carolina. The seven properties, built between 1968 and 1973, are governed primarily by the U.S. Department of Housing and Urban Development Housing Assistance Program, ensuring long-term affordability. This portfolio includes Boulder Creek in Greenville, SC, Crescent Hill Apartments in Spartanburg, SC, and others across the two states. About 25% of renters in these markets spend up to half of their income on rent, according to the Harvard Joint Center for Housing Studies.
The investment will fund upgrades such as new appliances, cabinets, and flooring, as well as essential maintenance like roof, air conditioning, and plumbing repairs. Renovations will be completed without displacing tenants. Upon completion, all units will remain affordable to families earning 60% or less of the area median income (AMI), qualifying the project for full Community Reinvestment Act Credit.
ASCP, which has previously funded 26 affordable housing projects across 10 Southern states, has committed $176 million to create over 7,000 housing units, 82% of which are affordable for families earning below 80% of the AMI. Deborah La Franchi, CEO of SDS Capital Group and ASCP Managing Partner, emphasized the partnership's focus on preserving affordability and improving housing quality, stating, "This investment is making a tangible impact on the lives of families living here."
