American South Capital Partners
Vintage Realty Company co-founded American South Capital Partners alongside SDS Capital. ASCP manages the American South Real Estate Fund(s), which provide preferred equity and LP equity for workforce housing projects across the funds’ 10-state southern footprint.
American South Capital Partners principal purpose is to provide funding in the types of general projects meeting criteria outlined on asref.com.
Criteria includes geography, product type, project cost, investment size, investment structure, investment time period, and qualifying under the Community Reinvestment Act (CRA).
“When Debbie and I partnered SDS and Vintage on this effort back in 2014, we knew we were going to make a difference to communities of need and meet our investors return needs – now we are seeing, with the gap in affordable housing in the market, we need more focus on this segment of the market than ever before.
David Alexander, Managing Partner
ASCP and CEO Vintage Realty Group
Impact Metrics
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AREA MEDIAN INCOME
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UNEMPLOYMENT RATE
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POVERTY RATE
# Low-Income Affordable Housing Units
Recent News / Investments
American South Capital Partners Announces $60M First Close of its Third Affordable Housing Fund – 11.12.2025
FOR IMMEDIATE RELEASE
Los Angeles, CA and Shreveport, LA (November 12, 2025) — Real Estate Fund Manager American South Capital Partners (“ASCP”), a joint venture between SDS Capital Group and Vintage Realty Company, has successfully completed the first closing of its newest affordable housing investment vehicle, American South Real Estate Fund III (“ASREF III”), securing $60 million in initial capital commitments toward its $500 million target.
ASREF III builds on the strong momentum of its predecessor, ASREF II, which closed in February 2024 with $174 million in equity commitments, including the Fund’s first pension capital investment through funds managed by GCM Grosvenor. Investor commitments in ASCP’s mission-driven platform, which focuses on the preservation and development of affordable and workforce housing throughout the Southeastern United States, continues to accelerate. All of the ASREF III first close commitments are from investors who previously backed ASCP’s earlier funds, underscoring the platform’s strong performance and credibility.
Notably, GCM Grosvenor is committing capital on behalf of funds where it counts several large public pension plans as investors; the firm intends to grow this allocation throughout the fundraise.
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David Alexander
Kent Peters
Tyler Epps
Austin Ross
