Lancaster Road – Dallas, Texas
ASREF PROVIDES FINANCING TO ACQUIRE AND REDEVELOP A LONG-DORMANT FORMER COMMUNITY HUB
In 2013, Vintage Realty Company teamed up with SDS Group out of Los Angeles, CA to start the American South Real Estate Fund (ASREF) to provide funding for real estate projects located in emerging low- and moderate-income neighborhoods in 10 southern states.
Press Release by Coushatta Fuller with E Smith Communities
Excerpt:
“A long‐dormant former community hub in South Dallas’ Lancaster Corridor has been acquired by E Smith Communities with financing by impact investor American South Real Estate Fund (ASREF).
The 30,000 square‐foot, 2.9‐acre project will add much‐needed office space to the area, which connects downtown Dallas and the growing International Inland Port of Dallas. The site at the corner of South Lancaster Road and Ann Arbor Avenue (near the DART rail station and regional VA Medical Center) is in a designated Opportunity Zone with high poverty and significant need for economic development and job creation. Such projects are a high priority for E Smith Communities to support the Grow South Initiative.
Newly‐elected Dallas Councilperson Carolyn King Arnold said, “It is great to see E Smith Communities and ASREF walk the walk and bring impact capital focused on economic development to South Dallas and invest in future growth. I am confident they are committed to reinvesting to inspire residents to thrive in an environment they can take pride in. This project will bring quality jobs and services to the community, all while honoring the tenacity off its residents and the spirit of much‐needed revitalization.“
