R. H. Ledbetter Properties has received a $15 million equity investment from American South Capital Partners (“ASCP”), through its $174 million American South Real Estate Fund II, to develop a 236-unit multifamily community in the Atlanta suburb of Carrollton, GA.
When completed in the second half of 2027, Carrollton Flats will bring to market a mix of one-, two- and three-bedroom apartment homes. Although Carrollton Flats will be a superior market rate community with a premium level of amenities, including a resort-style pool, community clubhouse, 24-hour fitness center, grilling stations, pet park and green space, unit rents will remain attainable to middle-income individuals and families of the area workforce, presenting a new and compelling housing option for the Greater Carrollton community. This partnership between Ledbetter Properties and ASCP reflects their commitment to supporting high-quality, purpose-driven attainable housing within rent-burdened communities across the Southern United States.
“Increasing attainable housing is a local government priority so a lot of credit goes to the forward-thinking Carrollton city officials, including the Mayor, members of the City Council, the City Manager and Director of Economic Development for recognizing the need for attainable housing and the impact it has on economic and job growth” said Joe Holmes, Executive Vice President of Development for Ledbetter Properties.
ASCP, a joint venture of SDS Capital Group and Vintage Realty Company, provides equity financing for real estate sponsors with projects located in 10 Southern states (Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas). The American South Real Estate Funds I and II funds have, to date, collectively committed $199M to 29 projects, financing 7,632 housing units – 81% of them affordable to families at less than 80% of the AMI.
“We have demonstrated our commitment over the past eight years to quality developments and investments throughout Georgia in markets including multiple neighborhoods in Atlanta and College Park. We are excited about this new venture with. Ledbetter Properties, which will provide much needed attainable housing for the Carrollton community” said David Alexander ASCP Managing Partner and CEO of Vintage Realty Company.
More than half the renters in Carrollton are cost-burdened, meaning that they pay more than 30 percent or more of their income on housing related costs. As a result, approximately 80 percent of the 25,000 people who work in Carrollton live outside the city to afford housing.
“Carrollton’s strong job growth in recent years has outpaced the supply of housing options within the city,” said Deborah La Franchi, ASCP Managing Partner and CEO of SDS Capital Group. “With most new development over the past two decades focused on large-lot homes outside Carrollton, Carrollton Flats will create attainable housing for the local workforce, allowing the people who drive the city’s economy to live here, not just commute here.”
About American South Capital Partners
American South Capital Partners manages a family of real estate funds focused on investing in transformative affordable and workforce housing projects in ten 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 (www.vintagerealty.com).
About R.H. Ledbetter Properties
R.H. Ledbetter Properties, LLC (“Ledbetter”) is a fourth-generation, family-owned real estate development, investment, and management firm headquartered in Rome, Georgia. Ledbetter’s primary focus is on the development, acquisition, redevelopment, and management of commercial investment real estate, specializing in necessity retail and multifamily properties in the Southeast (www.ledbetterproperties.com).
