Nashville, Tennessee-based Elmington Residential acquired The Asher at Sugarloaf, a 260-unit affordable-housing community in Lawrenceville, after securing an $18 million equity investment from American South Capital Partners (ASCP).
Following the acquisition, all apartments will be preserved as income-restricted under a Private Enterprise Agreement with the Housing Authority of Gwinnett County, with 20% of the units preserved at less than 60% of the area median income, 30% at less than 80% of AMI and the remaining 50% at less than 120% of the AMI.
“Partnering with ASCP provides the strategic, purpose-driven capital necessary to keep our communities accessible, stable and thriving,” Elmington Executive Vice President Jason Abel said. “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.”…