Piedmont, ASFM partner to build $12.5 million workforce housing development

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Florida Construction News staff writer

Funding has been secured to build ‘The Preserve’, a 240-unit workforce apartment community located in Flagler Beach.

The community project will be developed through a joint venture with Portage Real Estate and Piedmont Private Equity. Plans include eight apartment buildings and one clubhouse for community gatherings and social activities. Residents will have access to a swimming pool, a bike garage and rental facility, nearby walking trails and direct access to adjacent Wadsworth Park.

With total development costs projected at $57 million, the building is the first investment in Florida for ASFM impact funds. All 240 one, two and three-bedroom apartment units will be rented at rates affordable at 115 per cent of the Area Median Income (AMI) or less.

“The Preserve continues Piedmont’s mission of providing quality housing to local communities,” said Eric Conkright. “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.”

The Daytona Beach MSA has seen steady annual population growth projected at 7 per cent over the next five years, and increasing demand has driven average market rents up 17 per cent since last year.

It will provide “housing that is much needed by the community – quality housing that is affordable,” said Deborah La Franchi, ASFM managing partner. “This development is perfectly aligned with ASFM’s mission of providing quality affordable housing to families and individuals throughout the South.”

Impact funds managed by ASFM target their impact investments into distressed communities of color within a 10-state footprint across the South. Since 2018, impact funds managed by ASFM have made 16 investments in Texas, Georgia, Alabama, North Carolina, South Carolina, Louisiana and Arkansas totalling $68 million and over $302 million of project costs to date.

“We are thrilled to expand our footprint in the South to the state of Florida,” said David Alexander, ASFM Managing Partner. “Piedmont Private Equity and Portage Real Estate have proven to be excellent partners in achieving exactly the types of impacts within socio-economically disadvantaged areas that ASFM impact funds like to make.”

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