JV Finances 1,000 Affordable Units in Carolinas
SDS Capital Group and Vintage Realty Co. provided the funds for seven communities.

Infinity Real Estate Partners has obtained an $18.8 million investment from American South Capital Partners, a joint venture of SDS Capital Group and Vintage Realty Co., for the acquisition and renovation of a portfolio of affordable housing properties located in the Carolinas. Comprised of 1,068 units in North Carolina and South Carolina, the portfolio features seven communities built between 1968 and 1973.
The communities extend in size from 81 to 200 units, 95 percent of which are owned by the U.S. Department of Housing and Urban Development Housing Assistance Program.
“The capital markets moved against us as the 10-year treasury rates continued to rise during our closing,” Tyler Epps, senior vice president, originations, for American South Capital Partners, told Multi-Housing News. “Fortunately, we were able to lock in during a dip in rates prior to closing that allowed us to be confident that our rate and proceeds levels would allow us to complete the renovation successfully.”
The properties are: Boulder Creek in Greenville, S.C.; Crescent Hill Apartments, Spartanburg, S.C.; Roosevelt Gardens, Orangeburg, S.C.; Spring Grove Apartments, Taylors, S.C.; Cedar Moor Apartments, Raleigh, N.C.; Timber Ridge, Charlotte, N.C.; and Brentwood Crossing, High Point, N.C.
According to the Harvard Joint Center for Housing Studies, about one-quarter of renters in each of these markets are severely rent burdened and forced to allocate as much as 50 percent of their incomes toward rent.
Portfolio updates and care
A portion of the investment by Infinity will fund interior and exterior improvements across the portfolio. Among the enhancements will be the installation of new appliances, cabinets and flooring, all performed without displacing residents. Infinity will also add new security systems and address deferred maintenance through the repair or replacement of roofs, air conditioning and plumbing as necessary.
Once completed all units will be affordable to individuals and families earning 60 percent or less of area median income. This will qualify the investment for 100 percent of Community Reinvestment Act Credit.
Infinity’s non-profit partner, Mercy Housing, will staff a dedicated community coordinator, who will work with local organizations to deliver supplemental services. Those services will include after-school care, financial literacy courses and resume services for residents.
Several months ago, another North Carolina affordable property traded. Standard Communities purchased the 100-unit Laurel Hill Apartments in Shelby, N.C. for $16.4 million. Completed in 1974, the community encompasses one- to three-bedroom floorplans ranging between 745 and 1,100 square feet.