Stateside Capital, LLC Announces Completion of Private Placement of 
Stateside Georgia Tax Credit Fund VI, LLC

 

FOR IMMEDIATE RELEASE :: Contact: Jenifer Duggan, (404) 604-2604, jduggan@hopebeckham.com

Stateside Capital, LLC Announces Completion of Private Placement of
Stateside Georgia Tax Credit Fund VI, LLC,
Helping Create Approximately 500 New Affordable Housing Units

Company also announces completion of four Metro Atlanta properties

Atlanta, GA – March 23, 2007 – Stateside Capital, LLC today announced the completion of the private placement of Stateside Georgia Tax Credit Fund VI, LLC, which generated nearly $22 million in Georgia Housing Tax Credits. Stateside Capital is the first and only Georgia company organized to facilitate investments in state tax credits.

The equity provided by the Stateside fund was instrumental in creating approximately 500 new affordable housing units for the elderly and families with limited incomes in Georgia. “This is our third fund created for a single investor,” explains Richard L. Beacham, Stateside Capital’s president. “It’s a win-win proposition for both the investor, who benefits from a long-term state income tax reduction by owning state housing tax credits, and the potential occupant, who has access to a quality affordable apartment that would otherwise not be available.”

Atlanta Properties Completed

The company also announced the completion of the final three properties to which Stateside Georgia Tax Credit Fund VI, LLC contributed equity: Ashford Parkside Senior Residences, Breckenridge Apartments, Campbell Creek and Pines by the Creek.

Ashford Parkside Senior Residences is located in the northeast quadrant of Atlanta, Georgia. The property is comprised of 149-units targeting those who are 55 years of age and older and are capable of living in an “independent living” community. The units are located in two four-story buildings on 9.6 acres. The apartment mix consists of spacious one and two-bedroom apartment homes. All units feature, among other amenities, spacious master suites, ample closet space and fully equipped kitchens. 

Breckenridge Apartments is a 208-unit apartment complex located in Forest Park. The complex is comprised of 19 two-story buildings and a two-story leasing office / clubhouse building. Project amenities include a community building to replace the two-story leasing office / clubhouse building, a fitness center, a tech center, after school room, and laundry facilities. Additionally, four garage buildings will be added to accommodate six cars each. The interiors feature new appliances, HVAC units, water heaters, washer and drier connections, and disposals.

Campbell Creek features 80 units in 5 buildings in Dallas, GA. The property is a re-syndication of a property build as new construction in 1990.

Pines by the Creek features 96 units in 6 buildings in Newnan, GA. The property is a re-syndication of a property build as new construction in 1990.

Through the 1986 Tax Act, the Federal Government created an incentive program for developers to build privately-owned apartments in locations where market rate rents have exceeded the level many individuals could afford.

Georgia’s tax code was amended in 2001 to allow the separation of state housing tax credits from the Federal tax credits to help investors in affordable housing developments to reduce state income taxes and insurance premium taxes. These credits encourage businesses and high net worth investors to provide a public benefit in the form of affordable housing by enabling them to reduce their state tax liabilities. State housing tax credits are generated through leading real estate developers who specialize in family and senior housing properties. Sixteen other states offer similar state tax credits.

“These properties provide quality apartments people will be proud to live in,” said Beacham. “This will become especially important in the future as the first wave of ‘Baby Boomers’ begins to retire and seek housing they can afford on reduced incomes.”

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About Stateside Capital

Headquartered in Atlanta, GA, Stateside Capital, LLC was organized in 2004 to meet the needs of investors and real estate developers participating in the market for state housing tax credits. Stateside executives bring more than 100 years of experience in investing and tax credit development. Stateside Capital actively manages its portfolio to help maximize investor returns, diligently evaluating properties during the acquisition phase and monitoring them continually during the delivery process. For more information on the company and both Federal and State Tax Credits, please visit www.StatesideCapital.com.