ASREF’s $2.8M investment funded the construction of this multi-family complex of 240 one, two, and three-bedroom housing units in Flagler Beach.
ASREF I has provided a $2.8M preferred equity investment for The Preserve at Flagler Beach, a 15.75 acre property that will be developed into 240 one, two, and three-bedroom multifamily housing units in eight three-story garden style buildings. There will be 401 surface parking spaces. The project will contain a number of amenities and have direct access to Wadsworth Park, walkable greenspace, and feature sustainable landscape design.
The project has been financed by the U.S. Department of Agriculture 538 Rural Development Program; a product designed to facilitate the development of affordable housing in specified rural areas in the United States.
The senior lender provided a USDA 538 Loan which will require that 100% of units are affordable at less than 100% AMI and tenant incomes cannot exceed 115% AMI for a period of 40 years and is outlined by the Guaranteed Rural Rental Housing Program.
| Asset Type | Residential |
| Development Type | Ground-Up |
| Previous Use | N/A |
| Investment Closing Date | 6/3/2022 |
| Total Development Area | 240 units (15.75 acres) |
| Construction Timeframe | Start: Jun 2022; Finish: Q1 2024 |
$42.6M
$42.6M
$2.8M
$9.8M
$1.8M
$14.3M
Ut tortor pretium viverra suspendisse potenti nullam ac tortor. Posuere lorem ipsum dolor sit amet consectetur adipiscing elit. Tristique risus nec feugiat in fermentum posuere urna nec tincidunt.
PORTAGE REAL ESTATE, LLC was founded by John D. Cattano in 2020 to take advantage of supply gaps in the housing market that exist in secondary and tertiary markets in the United States. The development thesis is targets and identifies “emerging” submarkets within MSAs where the natural progression of growth and progress will likely occur. The development strategy is to locate housing opportunities proximate to major employment centers, where properties for development will be defended from competition through zoning challenges, wetlands, or other mitigating factors that present a barrier to entry. Moreover, the use of proprietary data analytics to support the underlying demographic pattern for a development location serves as the nucleus for every potential real estate project.
| Location | Roberts RD, Flagler Beach, FL 32136 |
| Area | Daytona Beach |
| LMI Community Status | Upper |
| Unemployment Rate | 15% |
| Poverty Rate | 5% |
| % Minority | 19% (4% African American) |
MultifamilyBiz.com, the largest media platform for the multifamily housing industry, writes about ASREF's investment in the 240-unit Piedmont development: The Preserve at Flagler Beach, Florida.
The Preserve at Flagler Beach ground-up development to construct 240-unit garden-style workforce apartment community.
Jonathan Simmons writes about the 16-acre plot of land in Flagler Beach that will be transformed into eight three-story apartment buildings, with a total of 240 units.
Lisa McDuffie reports on ASREF's contribution to construction at The Preserve at Flagler Beach, a 240-unit workforce apartment community in Flagler Beach, FL.
The Preserve at Flagler Beach grand opening.
ASREF I’s $2.8 million preferred equity investment in The Preserve at Flagler Beach will promote economic development in a designated rural community by providing accessible housing. The project will create 240 high quality workforce housing units with rents capped at 115% AMI.
