BELMAR, N.J.–(BUSINESS WIRE)–A partnership between Ellavoz Impact Capital, Tesatura Capital, EQ Housing Advisors, and Reinvestment Fund has helped preserve 56 units of naturally occurring affordable housing (NOAH) in the rapidly appreciating housing market of Summerville, SC, a suburb and employment hub in the Charleston area.
For Jeffrey Crum, president of Ellavoz Impact Capital, and Allie Zamfir, founder of Tesatura Capital, impact investing means far more than just financial returns. It’s about aligning capital to preserve housing for existing residents who would likely be displaced by an alternatively motivated buyer.
Mr. Crum spoke about the impact these acquisitions will have on the local community and current residents: “Purchasing these three small apartment buildings which are all within a tenth of a mile of each other helps Summerville preserve much needed price-attainable housing. While this area has exploded in terms of job growth and opportunity, this has led to rapid increases in real estate values and rent prices. Ellavoz is excited to partner with Tesatura and Reinvestment Fund to ensure these 56 units remain affordable to low- and moderate-income households that might otherwise be forced to move or see their rents increase drastically.”
With more than 40 years of experience directing capital into underserved communities, Reinvestment Fund is bringing both funding and expertise to the project. Their experience was central during the acquisition of the three townhome communities: Canopy at Pine Landing, Canopy at Cypress Square, and Canopy at Oak Bend.
Located near the planned Lowcountry Rapid Transit line and major employers such as Volvo and Walmart, the properties provide affordable homes in a fast-developing corridor where rising rents threaten long-time residents. NOAH properties are older, unsubsidized apartments which are classified as affordable due to age or condition and are increasingly vulnerable to market-rate conversion.
Through this investment, affordability is preserved via a covenant that reserves a portion of units for households earning between 50% and 80% of Area Median Income (AMI). Residents will experience more than just sustained affordability. Both communities will receive thoughtful renovations and essential building system upgrades, along with new community features such as a playground, gardens, and improved laundry facilities. Together, these enhancements will elevate the daily living experience for more than 100 residents—many of whom are working families and seniors.
This investment marks a major milestone for Reinvestment Fund who has lent billions in capital for affordable housing and community development projects throughout the country. This investment represents Reinvestment Fund’s first limited partner equity investment in decades. Ellavoz and Tesatura applaud Reinvestment Fund’s ability to find creative and unique ways to deploy capital into affordable housing transactions that meet the demands of the field today.
“We’re charting the path and creating new models for what community-centered investment can look like here in Charleston,” said Allie Zamfir, Founder of Tesatura Capital. “That means collaborating with partners like Reinvestment Fund to design tools that are both financially resilient and socially impactful.”
As housing pressures grow nationwide, this collaboration offers a model for safeguarding affordability without reliance on public subsidy. Ultimately, Canopy at Pine Landing, Canopy at Cypress Square, and Canopy at Oak Bend embody more than preserved housing—they illustrate how mission-driven capital can protect homes and strengthen communities for generations to come.
About Ellavoz Impact Capital:
Ellavoz Impact Capital, LLC, (EIC) is a social impact investor, advisor, asset manager, and real estate developer focused on creating and preserving workforce and affordable housing and other community-oriented real estate properties. EIC’s strategy concentrates investments into price-attainable housing and economic development projects by working with socially aligned operators, local nonprofits, and governmental agencies to deliver positive community outcomes and double bottom line returns.
Based in Belmar and Newark, New Jersey, EIC currently has total managed and controlled assets with a value exceeding $300 million. EIC is comprised of certified public accountants, attorneys, as well as real estate, finance, and economic development professionals. The team has both private sector experience and decades-long experience leading large community development financial institutions and nonprofit organizations. Collectively, the management team has led transactions with a total capitalization value of nearly $3 billion.
For more information about Ellavoz Impact Capital, visit our website at Ellavoz.com.
About Tesatura Capital:
Founded in 2023, Tesatura Capital is an emerging investment management firm focused on creating and preserving high-quality workforce and affordable housing in South Carolina with an initial focus on infill missing middle essential housing in Charleston. Tesatura executes on this mission by directly investing in and operating multifamily properties via partnerships with mission-aligned investors and non-profits. The firm believes that by focusing on community needs, both at the property and neighborhood level, they can help families and individuals live vibrant lives. Managing Principal Allie Zamfir brings deep institutional investment and asset management experience both in impact investing and managing a large portfolio of multifamily assets throughout the region.
To learn more about Tesatura Capital, visit tesaturacap.com.
About Reinvestment Fund:
Reinvestment Fund is a mission-driven financial institution committed to making communities work for all people. We bring financial and analytical tools to partnerships that work to ensure that people in communities across the country have the opportunities they strive for: affordable places to live, access to nutritious food and health care, schools where their children can flourish, and strong, local businesses that support jobs. We use data to understand markets and how transactions can have the most powerful impact, which has consistently earned us the top Aeris rating of AAA for financial strength and four stars for impact management. Our asset and risk management systems have also earned us an AA-rating from S&P. Since our inception in 1985, Reinvestment Fund has provided over $3.2 billion in financing to strengthen neighborhoods, scale social enterprises, and build resilient communities.
Learn more at reinvestment.com.
Contacts
Chris Ferry at [email protected] or call direct at 732.616.8847.
