At a glance
- Connect CRE says the buyer is keeping all 260 units income-restricted under a Private Enterprise Agreement with the Housing Authority of Gwinnett County.
- The underwriting preserves 20% of units below 60% of area median income, 30% below 80% AMI, and the remaining 50% below 120% AMI.
- Elmington's owned portfolio includes more than 70 properties across 10 southeastern states and nearly 14,000 units; this purchase is less than 2% of its unit count.
Elmington Residential paid $55 million for The Asher at Sugarloaf, a 260-unit apartment property in Lawrenceville, Georgia, with FCP as seller, according to Connect CRE.
American South Capital Partners provided $18 million of equity for the acquisition, about a third of the purchase price.
Connect CRE says the buyer is keeping all 260 units income-restricted under a Private Enterprise Agreement with the Housing Authority of Gwinnett County. The underwriting preserves 20% of units below 60% of area median income, 30% below 80% AMI, and the remaining 50% below 120% AMI. The property, built in 2008, has one-, two- and three-bedroom floor plans.
Elmington's owned portfolio includes more than 70 properties across 10 southeastern states and nearly 14,000 units; this purchase is less than 2% of its unit count.
All 260 units stay income-restricted — the split by AMI band
Units at The Asher at Sugarloaf, Lawrenceville, Georgia
Show as table
| Label | Value (units) |
|---|---|
| Below 60% AMI | 52 units |
| Below 80% AMI | 78 units |
| Below 120% AMI | 130 units |
Reported by the Sectors desk from Connect CRE. Published . Corrections