Carlton Fields Represents American South Real Estate Fund in Private Equity Investment to Redevelop Chattanooga Riverfront Multifamily Development

ATLANTA, GA – Carlton Fields represented the American South Real Estate Fund in a $24 million private equity investment for a development of a 278-unit multifamily community located on the Tennessee River in the Northshore area of downtown Chattanooga.

The project required navigating a range of complex issues, including a new tax abatement program that incentivizes the inclusion of affordable units in upscale projects and the remediation of a former brownfield site — critical steps in bringing new life to an important community asset. Slated for completion in the fourth quarter of 2027, it will be the only multifamily community directly on the Tennessee River within Chattanooga’s Northshore neighborhood, providing residents with direct access to downtown employers and a wide range of retail and recreational amenities.

American South Real Estate Fund, a joint venture of SDS Capital Group and Vintage Realty Co., provides preferred equity and equity to real estate sponsors for the development and preservation of affordable and workforce housing across 10 southern states. To date, the American South Real Estate Funds I, II, and III has committed approximately $217.4 million to 29 projects, supporting the development of 7,836 housing units — 81% of which are affordable for families earning less than 80% of the area median income.

The Carlton Fields team representing the American South Real Estate Fund was led by shareholder Craig Samuel. He attended the groundbreaking ceremony for the project on February 3, along with the American South Capital Partners team, its partner, the Atlantic Companies, the lender for the project, Ameris Bank, the mayor of Chattanooga, and several other stakeholders in the project.