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NEW ORLEANS - LouisEagle -- VPG Holdings and American South Capital Partners ("ASCP"), a joint venture of SDS Capital Group and Vintage Realty Company, has acquired a 250-unit apartment community in New Orleans, LA.
Built in 2009 and located at 2651 Poydras St., The Marquis features a combination of non-restricted and deed-restricted affordable housing units comprised of one-, two-, three-, and four-bedroom floorplans. The project features a variety of unit affordability levels including a large portion at deeper affordability levels for tenants earning less than 60% AMI.
ASCP and VPG's investment into The Marquis will ensure the long-term quality housing at various affordability levels. The partnership plans to invest significant capital into funding deferred maintenance and interior improvements, with the focus on implementing more energy and water efficient appliances including water heaters, dishwashers, refrigerators and air conditioners.
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Approximately one in three renter households in the New Orleans MSA are considered "severely cost-burdened" paying 50% or more of their income on rent, according to the Harvard Joint Center for Housing Studies.
"ASCP shares in our goal of providing quality housing to residents while preserving the property's long-term affordability," said VPG Holdings CEO Michael Merideth.
"VPG operates and invests mostly in the Greater New Orleans market," said David Alexander ASCP Managing Partner and CEO of Vintage Realty Company. "They bring a professional platform and are driven to provide high-quality, affordable housing to the region."
"We pride ourselves by aligning with companies like VPG who develop and preserve quality affordable housing throughout the United States," said Deborah La Franchi, ASCP Managing Partner and SDS Capital Group CEO. "We hope this is the first of many ventures with VPG as we work together to help improve the lives of many more families across the South."
ASCP invests in affordable housing real estate projects located in 10 Southern states (Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas). ASCP funds have collectively committed more than $176 million to 25 projects, financing more than 7,071 housing units – 83% of them affordable to families at less than 80% of the AMI.
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.
Built in 2009 and located at 2651 Poydras St., The Marquis features a combination of non-restricted and deed-restricted affordable housing units comprised of one-, two-, three-, and four-bedroom floorplans. The project features a variety of unit affordability levels including a large portion at deeper affordability levels for tenants earning less than 60% AMI.
ASCP and VPG's investment into The Marquis will ensure the long-term quality housing at various affordability levels. The partnership plans to invest significant capital into funding deferred maintenance and interior improvements, with the focus on implementing more energy and water efficient appliances including water heaters, dishwashers, refrigerators and air conditioners.
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Approximately one in three renter households in the New Orleans MSA are considered "severely cost-burdened" paying 50% or more of their income on rent, according to the Harvard Joint Center for Housing Studies.
"ASCP shares in our goal of providing quality housing to residents while preserving the property's long-term affordability," said VPG Holdings CEO Michael Merideth.
"VPG operates and invests mostly in the Greater New Orleans market," said David Alexander ASCP Managing Partner and CEO of Vintage Realty Company. "They bring a professional platform and are driven to provide high-quality, affordable housing to the region."
"We pride ourselves by aligning with companies like VPG who develop and preserve quality affordable housing throughout the United States," said Deborah La Franchi, ASCP Managing Partner and SDS Capital Group CEO. "We hope this is the first of many ventures with VPG as we work together to help improve the lives of many more families across the South."
ASCP invests in affordable housing real estate projects located in 10 Southern states (Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas). ASCP funds have collectively committed more than $176 million to 25 projects, financing more than 7,071 housing units – 83% of them affordable to families at less than 80% of the AMI.
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.
Source: Amercan South Capital Partners
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