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.” 

Built in 2008, The Asher offers a mix of affordable and workforce housing comprising one-, two- and three-bedroom floorplans. 

Patterson Real Estate Advisory Group arranged the financing. 

“Structuring capital for affordable and workforce housing requires a nuanced understanding of how gap funding interacts with local market dynamics,” Patterson’s Laura Cloud added. “By aligning ASCP’s impact capital with Elmington’s premier operational platform, we were able to create a capital stack capable of preserving vital affordability while generating sustainable real estate solutions in high-barrier Southern markets.”