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ASFM Provides $12M Impact Funds toward $57M Workforce Community in Flagler Beach
Portage Real Estate and Piedmont Private Equity have secured funding to construct The Preserve at Flagler Beach, a 240-unit workforce apartment community in Flagler Beach, FL. Total development costs are projected at $57 million
The community project is Portage Real Estate’s second partnership with impact real estate funds managed by American South Fund Management, itself a partnership between SDS Capital Group and Vintage Realty Company.
The Preserve at Flagler Beach is the first investment in FL to receive ASFM impact funds ($12.5 million). All 240 one-, two- and three-bedroom apartment units will be rented at rates affordable at 115% AMI or less.
“The Preserve continues Piedmont’s mission of providing quality housing to local communities,” said Eric Conkright with Piedmont Private Equity. “We will also be contributing over $600,000 for the construction of a new school and purchase of a fire truck as part of a comprehensive effort to uplift the community.”
- ◦Development
