CAROLINAS — Infinity Real Estate Partners has received $18.8 million in financing from American South Capital Partners, a joint venture between SDS Capital Group and Vintage Realty Co., for the acquisition and renovation of a portfolio of 1,068 affordable housing units located in North Carolina and South Carolina.
The portfolio consists of seven communities, which were built between 1968 and 1973 and range from 81 to 200 units. Ninety-five percent of the units are governed by HUD’s Housing Assistance Program.
The properties included in the portfolio are:
- Boulder Creek in Greenville, South Carolina
- Crescent Hill Apartments in Spartanburg, South Carolina
- Roosevelt Gardens in Orangeburg, South Carolina
- Spring Grove Apartments in Taylors, South Carolina
- Cedar Moor Apartments in Raleigh, North Carolina
- Timber Ridge in Charlotte, North Carolina
- Brentwood Crossing in High Point, North Carolina
Infinity will use a portion of the financing to fund interior and exterior renovations across the portfolio, including new security systems, appliances, cabinets and flooring. Additionally, Infinity will address deferred maintenance repairing or replacing roofs, air conditioning and plumbing as needed. The Atlanta-based investment manager states that renovations will be completed while units are occupied, so as not to displace tenants.
Upon completion of the renovations, the portfolio will be affordable to households earning 60 percent or less of the area median income.
Additionally, each property will have a dedicated community coordinator through non-profit Mercy Housing. The community coordinator will work with local organizations to provide residents with services such as after school care, financial literacy and resume services.