CHATTANOOGA, TENN. — American South Capital Partners (ASCP) has contributed $24 million in equity to Atlantic Cos.’ workforce housing development project, known as 702 Manufacturers Road, in the Northshore area of downtown Chattanooga. The 278-unit community located on the Tennessee River will include 42 units set aside for renters earning up to 60 or 80 percent of area median income. Completion is slated for the fourth quarter of 2027. Residents will have direct access to a newly built multi-use path and a river launch pad for paddleboards and kayaks.
ASCP’s commitment includes $12 million from its recently launched American South Real Estate Fund III that closed its first round at $60 million. Through this family of funds, ASCP, a joint venture of SDS Capital Group and Vintage Realty Co., provides preferred equity and equity to real estate sponsors for the development and preservation of affordable and workforce housing across 10 Southern states: Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.