ASREF II's $4.2M preferred equity investment will transform this 168-unit affordable multi-family complex in Charlotte, North Carolina.
ASREF II’s $4.2M preferred equity investment in Infinity Capital Partners will fund the renovation of Randolph Hills, a 168-unit affordable apartment complex.
Built in 1968, Randolph Hills is located at 3501 Wheatly Avenue in the historic Grier Heights neighborhood, eight miles south of Downtown Charlotte. Governed by the U.S. Department of Housing and Urban Development Housing Assistance Program (“HAP”), Randolph Hills offers a mix of two- and three-bedroom apartment homes at rents affordable to families earning 30% or less of the area’s median income (AMI) through the HAP voucher program.
Randolph Hills offers dedicated community coordinators who work with local organizations to provide tenants with supplemental services like after-school care, financial literacy, and resume services.
The property was 95% occupied at closing. Unit interiors will feature high-end finishes, stainless steel appliances, smart-home technology, and in-unit washer/dryers.
| Asset Type | Multi-Family Residential |
| Development Type | Renovation |
| Previous Use | Multi-Family Residential |
| Investment Closing Date | September 10, 2024 |
| Total Development Area | TBD |
| Construction Timeframe | Start: Spring 2023; Finish: 2025 |
$13.0M
$13.0M
$4.2M
$3.9M
$8.1M
American South Capital Partners collects each project's census tract income level at the time of close as part of CRA reporting guidelines. Source: Federal Financial Institutions Examination Council Geocoder.
INFINITY CAPITAL PARTNERS (“Infinity”) is an independent, privately owned alternative investment manager based in Atlanta, Georgia. Founded in 2002, Infinity is owned and managed by its principal partners. Infinity’s investors include high net worth individuals, family offices, wealth management firms, and institutional investors.
| Location | 3501 Wheatley Ave., Charlotte, NC, 28205 |
| Area | Charlotte-Concord-Gastonia Metropolitan Statistical Area |
| LMI Community Status | Low |
| Unemployment Rate | 18% |
| Poverty Rate | 53% |
| % Minority | 91% (74% African American) |
Randolph Hills is located in the southeast Charlotte neighborhood of Grier Heights. Grier Heights is a historically Black neighborhood in the city that was founded in the 1890s when a former slave, Sam Billings, purchased 100 acres of land in the area--the first time an African American had bought land in all of Charlotte. Grier Heights previously was a farming community of just four houses up until Sam Billings purchased the land.
Grier Heights previously was a farming community of just four houses up until Sam Billings purchased the land. By the 1920s, Grier Heights had become a predominantly Black community with many of Charlotte’s African American resident.
ASREF II invests $4 million in affordable housing in Charlotte, North Carolina where nearly a quarter of the area’s renters find it difficult to pay housing costs.
ASREF II’s $174M ASREF II closed financing for development of 168-Unit affordable housing complex in Charlotte, NC.
ASREF II’s $4.2 million preferred equity investment in Randolph Hills will preserve the availability of 168 units of quality affordable housing in a Severely Distressed and predominantly Black community in Charlotte, North Carolina.
