In November 2018, the Lotus Campaign (three months after launching!) invested in our first acquisition, Sharon Crossing, a 144-unit multi-family development located in Southwest Charlotte. We partnered with Jonathan Rose Companies to purchase a 144-unit multifamily building, reserving 20% of the units (30 units) for Lotus Campaign clients in our Landlord Participation Program. We have completed a green rehab to reduce energy consumption, water consumption and other initiatives to improve the overall health and safety of the property. In acquiring this property, we followed a social impact investment model using market rate debt and private equity - without relying on any government funds or subsidies.
Our Acquisitions Program addresses a serious shortage of high-quality, safe and affordable workforce housing by investing in existing properties. Lotus employs the same private investment strategies often used in for-profit real estate development to both create workforce housing and address homelessness, leveraging capital as a tool for social impact. As we grow, we intend to invest in more housing developments to help create and maintain a long-term supply of housing for people experiencing homelessness and housing instability, and to reinvest our investment returns back into the Lotus Campaign.