ASREF II's $15M preferred equity investment in Carrollton Flats will fund the development of this new 236-unit affordable housing complex in the Atlanta metropolitan area.
ASREF II provided a $15.0 million preferred equity investment for Carrollton Flats, a 236-unit attainable housing development located in the city of Carrollton, Georgia, within the Greater Atlanta metropolitan area. The project will involve new construction on a multifamily site delivering one-, two-, and three-bedroom apartment homes across multiple three- and four-story garden-style buildings. Carrollton Flats will offer a resort-style pool, community clubhouse, 24-hour fitness center, outdoor grilling stations, pet park, and landscaped green space, creating a high-quality residential environment that remains attainable to middle-income individuals and families employed in the local workforce.
Located approximately 50 miles west of downtown Atlanta at the intersection of Highway 27 and State Route 166, the property benefits from proximity to the University of West Georgia, Tanner Health System, and numerous regional employers that together sustain the city’s growing job base. The site is within a mile of top retailers including Kroger, Publix, Target, Home Depot, and Lowe’s, all within one mile. The property is zoned for Carrollton City Schools (#8 in Georgia) and sits near key employers including Southwire Company and Tanner Health System.
Carrollton Flats will provide high-quality yet attainably priced housing, with 100% of units affordable to households earning below 80% of AMI. More than half of renters in Carrollton are cost-burdened, and roughly 80% of the city’s 25,000 workers live outside the community to find affordable housing—demonstrating the project’s critical role in expanding the local attainable housing supply. Alighted with the 2021 City of Carrollton Housing Needs Assessment, the development will help retain the area’s growing workforce, while meeting demand from nearby institutions such as the University of West Georgia and Georgia Northwestern Technical College.
| Asset Type | Multifamily Residential |
| Development Type | New Construction |
| Previous Use | Empty Lot |
| Investment Closing Date | September 18, 2025 |
| Total Development Area | 222,244 |
| Construction Timeframe | Estimated 2027 Completion |
$31.7M
$31.7M
$15.0M
$2.0M
$17.0M
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.
R.H. Ledbetter Properties, LLC is a fourth-generation, family-owned real estate investment and development firm headquartered in Rome, Georgia. Founded in 1927, Ledbetter has established itself as a trusted regional leader specializing in the development, acquisition, redevelopment, and management of commercial real estate, including multifamily, retail, restaurant, and medical office properties. The firm has developed, acquired, and improved more than 6.4 million square feet of space with a combined value exceeding $900 million across Georgia, Tennessee, Florida, Alabama, North Carolina, and South Carolina. In the multifamily sector alone, Ledbetter has successfully delivered over 825 Class A units across five projects in Georgia and Florida. With nearly a century of experience, R.H. Ledbetter Properties continues to embody its core mission: to develop exceptional, high-performing assets that align with local market needs while delivering superior returns to investors and long-term value to the communities it serves.
“Increasing attainable housing is a local government priority so a lot of credit goes to the forward-thinking Carrollton city officials, including the Mayor, members of the City Council, the City Manager and Director of Economic Development for recognizing the need for attainable housing and the impact it has on economic and job growth””
Executive Vice President of Development for Ledbetter Properties
| Location | 200 Centennial Drive, Carrollton, Georgia 30166 |
| Area | Atlanta Metropolitan Statistical Area |
| LMI Community Status | Upper |
| Unemployment Rate | 9.5% |
| Poverty Rate | 11.8% |
| % Minority | 45.6% |
Carrollton Flats is located in Carrollton, Georgia, approximately 50 miles west of downtown Atlanta, within the Atlanta–Sandy Springs–Roswell MSA. The property sits at the intersection of Highway 27 and Highway 166, a major regional connector linking residents to I-20 and other key employment corridors throughout West Georgia. The site offers direct access to Carrollton Crossroads, one of the city’s most active commercial centers, and is adjacent to major retail anchors, dining, and entertainment options that serve both the local and university populations.
The area surrounding Carrollton Flats has experienced steady growth, supported by strong institutional anchors such as the University of West Georgia and Tanner Health System, which together bring stability and year-round economic activity to the market. The neighborhood also benefits from planned infrastructure improvements, ongoing commercial redevelopment, and a diversified employment base that spans education, healthcare, and manufacturing.
This partnership between Ledbetter Properties and ASCP reflects their commitment to supporting high-quality, purpose-driven attainable housing within rent-burdened communities across the Southern United States.
ASREF’s $15 million preferred equity investment in Carrollton Flats will create a high-quality workforce and affordable housing in a rent-burdened metropolitan statistical area.
