Ambling sells $106M affordable housing portfolio

JLL Capital Markets closed the sale of the portfolio of Southeastern U.S. properties to three buyers

June 29, 2020

ATLANTA, June 29, 2020 – JLL Capital Markets announced today that it has closed the final transaction of a 20-property Project-Based Section 8 (HAP) portfolio sale totaling 1,763 units and $106 million across Georgia, North Carolina and South Carolina.  

JLL marketed the property on behalf of the seller, Ambling. Preservation Partners Development; Infinity Real Estate Advisors, LLC; and Jonathan Rose Companies each acquired parts of the portfolio.

“Ambling has a deep history of developing and preserving best-in-class affordable housing communities throughout the Sunbelt, and this portfolio sale represents a culmination of those efforts” said Mike Godwin, CEO, Ambling. “We were excited to work with a group of buyers who were equally committed to preserving the portfolio’s long-term affordability. We are thankful for the deal team’s collective efforts, including each buyer, as well as the successful process facilitated by the JLL Affordable Housing Team.”

Preservation Partners Development purchased 12 communities in Georgia, including Athens Gardens and Clarke Gardens in Athens; Glynn Isle Townhomes in Brunswick; Calhoun Gardens in Calhoun; Cartersville Gardens in Cartersville; Bridge Creek and Merrimac Village in Fitzgerald; Forsyth Gardens in Forsyth; Catoosa Gardens in Fort Oglethorpe; Riverside Gardens in Macon; Statesboro Summit in Statesboro and Burkestone Place in Waynesboro. Clarke Gardens, Athens Gardens, Calhoun Gardens, Catoosa Gardens, Cartersville Gardens and Forsyth Gardens are currently in the middle of a substantial rehabilitation, that will include updated interiors as well as updated and improved community spaces for residents.

Infinity Real Estate Advisors, LLC acquired two North Carolina properties, Fayetteville Gardens in Fayetteville and Salem Gardens in Salem, and five South Carolina communities, Anderson Village in Anderson, Phoenix Place in Greenwood, Manning Gardens in Manning, Mauldin Gardens in Mauldin and Seneca Gardens in Seneca.

Jonathan Rose Companies acquired Savannah Summit in Savannah, Georgia.

The JLL Capital Markets team representing the seller was led by Senior Managing Director and co-head of JLL Affordable Housing Doug Childers and Director Michael Fox along with Senior Managing Director Ryan Clutter.

“The sale of the Ambling Portfolio represents an essential preservation of affordable housing, made possible by the tremendous, collective efforts of the Ambling team and each respective buyer Childers, said. “The transaction was executed across a variety of acquisition strategies, requiring coordination between multiple capital sources, state agencies and HUD, the result of which was an accretive outcome for all parties involved.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Ambling 

Established in 1997, Ambling is one of the nation's most successful and experienced managers of affordable LIHTC, HUD, market rate and senior apartment communities. As both an owner operator and third-party management firm, Ambling is keenly focused on customer service to its client owners to promote long-term value, asset preservation and cost efficiency. Ambling offers a full suite of management services and solutions including superior property operations management, project rehab oversight, financial services and reporting, facilities maintenance and operation, acquisitions and due diligence services, professional development and training, along with successful strategic business and marketing plan development and implementation.

About Preservation Partners Development

Preservation Partners Development (PPD) acquires, rehabilitates and permanently preserves "at-risk" affordable housing resources which were originally developed under U.S. Department of Housing and Urban Development (HUD) financing and direct rental subsidy programs. PPD’s objective is to provide long term, secure housing communities, and in partnership with affiliated nonprofit corporations, provide supportive social services focused on the most basic needs of very low-income families and seniors.

About Infinity Real Estate Advisors, LLC

Infinity Real Estate Advisors (IREA) is a privately held real estate fund advisor whose focus is on the acquisition, renovation, management and preservation of affordable multi-family assets. The IREA team has decades of experience of working within the affordable housing space. In addition to standard real estate fundamentals, the IREA team has developed a deep skill set in acquiring and owning affordable housing which they believe requires a true partnership with state, local and federal government agencies. The IREA team has partnered with numerous HUD offices and dozens of local housing authorities to work together to solve some of the challenges that come from affordable housing and create situations that benefit not only the investors but the tenants and communities as well.

About Johnathan Rose Companies

Jonathan Rose Companies is one of the country’s leading developers and investors in sustainable, affordable, and mixed-income multifamily real estate, with 15,000 units owned or managed. Founded in 1989, Jonathan Rose Companies is a mission-driven company focused on enhancing the health and wellness of its residents with green, energy efficient property improvements and through its Communities of Opportunities programming. With offices in New York, Connecticut, Colorado, Ohio and California, Jonathan Rose Companies has developed or acquired more than $2.5 billion of real estate. For more information, visit