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Newly Launched Asland Capital Will Focus on Workforce Housing
Private equity real estate veteran James H. Simmons III launched Asland Capital Partners, specializing in multifamily, mixed-use and retail investments. The firm’s launch was catalyzed by a concurrent recapitalization by StepStone Group Real Estate, which in turn funded Asland’s recapitalization and acquisition of Park Lane Apartments in the Bronx, and Heritage at Old Town in Alexandria, VA.
“There is a nationwide shortage of high-quality housing that is affordable to middle-income renters,” said Simmons. “We seek to preserve and develop workforce housing in emerging urban submarkets that are experiencing an influx of new residents.”
Both investments will benefit from preservation and improvement plans. At Park Lane, a 353-unit, 375,000-square-foot apartment complex at 1965-1975 Lafayette Ave. in the Bronx, Asland has worked closely with existing tenants, along with government agencies, to preserve the long-term affordability of the development while planning the creation of an additional 429 units of affordable housing.
Pictured: Park Lane Apartments.
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