Elmington Residential and ASCP Buy 260-Unit Lawrenceville Affordable Property for $55M

Elmington Residential and American South Capital Partners (ASCP) have completed their first joint acquisition: The Asher at Sugarloaf, a 260-unit garden-style apartment community in Lawrenceville, Georgia. The sales price was $55 million, and the seller was Federal Capital Partners, which bought the property in 2021.

Patterson Real Estate Advisory Group arranged the financing. ASCP contributed $18 million toward the purchase. The built-in 2008 community offers one-, two- and three-bedroom units marketed as affordable and workforce housing. According to the buyers' representative, a property condition assessment noted under $2,000 in deferred maintenance.

In 2023, the prior owner signed a private enterprise agreement with the Gwinnett County Housing Authority. Under that deal, 20% of units are restricted to below 60% of area median income, 30% to below 80%, and 50% to below 120%, tied to a tax abatement program.

Elmington, which manages nearly 14,000 units across 70 properties in 10 Southeastern states, will run the asset. The buyers plan modest cosmetic upgrades, including new backsplashes and flooring, and trimming elevated countertops. The community was 96% occupied at the time of sale.

For developers and lenders, the deal shows institutional capital targeting preservation of income-restricted units in Gwinnett County's growth corridors.