Southeast Capital

What Southeast Capital does

Southeast Capital, LLC is a privately held, family-run real estate development firm headquartered in Knoxville, Tennessee, founded in 2020 by Jake Varner (CEO) and his father David Varner. The company develops both affordable and market-rate multi-family housing, with its core focus on affordable housing executed through Low-Income Housing Tax Credits (LIHTC) and tax-exempt bond financing in partnership with the Tennessee Housing Development Agency (THDA). Its completed portfolio comprises six communities totaling approximately 448 units, including four LIHTC-financed affordable projects (Central Terrace at 112 units, The Ammons at Asheville Highway at 80 units, Inskip Flats at 66 units, and Burlington Commons at 50 units — totaling 308 affordable units as of 2025) and two market-rate developments (Maple Sunset at 72 units and Fox Springs at 68 condo units). Burlington Commons has additionally received Energy Star certification from the U.S. EPA.

The firm's revenue mechanics span three streams: developer fees on each project, property sales to investor syndicators and LIHTC equity providers, and ongoing property management arrangements with third-party operators (Elmington Property Management and Emerald Housing Management handle leasing and tenant management). Capital stack partnerships include the City of Knoxville's Affordable Rental Development Fund (which contributed $2 million to The Ammons and $2 million+ to Central Terrace), Churchill Stateside Group (which provided $9 million in construction financing and $7.2 million in permanent financing for Inskip Flats through its P-TEL program), and WNC (a LIHTC equity provider whose funds underwrote The Ammons). Construction is outsourced to general contractors such as Davie Construction Co.

Southeast Capital's go-to-market is enterprise field sales targeting government agencies and institutional capital partners rather than retail consumer marketing; occupant pricing at completed properties is income-restricted under HUD guidelines (e.g., two-bedroom units at The Ammons rent for $905 per month, three-bedroom for $1,181 per month). Unit demand has been strong — all 66 units at Inskip Flats were pre-leased prior to opening. Despite a lean team of 1-10 employees, the firm has established credibility through repeat successful THDA Form 8609 issuance on every property and is actively soliciting LIHTC and Bond Co-Developer partnerships statewide across Tennessee.

Name

Southeast Capital

Legal name

Southeast Capital, LLC

Website

https://southeastcapitaltn.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

Southeast Capital is a Knoxville-based family-run real estate development firm (founded 2020) specializing in LIHTC and bond-financed affordable housing across Tennessee, with a six-project portfolio totaling approximately 448 housing units serving low-to-moderate income families and essential workers.

Ownership category

akta.pro rank

Headquarters

HQ city

Knoxville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Affordable Housing Development: Southeast Capital develops affordable housing apartments using Low-Income Housing Tax Credits (LIHTC) to ensure affordability for low- to moderate-income families. Revenue is generated through development fees, property sales to investors, and ongoing property management partnerships.
2. LIHTC Equity & Bond Financing: The company leverages Low-Income Housing Tax Credit equity and tax-exempt bond financing to fund affordable housing construction. Projects are financed through partnerships with financial institutions and equity providers like WNC.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels2 records

Core offering

Southeast Capital is a commercial real estate development firm that develops affordable and market-rate multifamily housing communities in Knoxville and across Tennessee. The firm finances projects primarily through Low-Income Housing Tax Credit (LIHTC) equity and tax-exempt bond allocations, partners with agencies such as THDA and the City of Knoxville, and operates through co-developer partnerships, third-party property managers, and construction firms.

Product overview

Southeast Capital is a family-run real estate development firm specializing in affordable and market-rate housing in Knoxville, TN. The company's portfolio consists of distinct apartment and condo developments: Central Terrace and Inskip Flats (affordable housing with 112 and 66 units respectively), The Ammons at Asheville Highway and Burlington Commons (affordable housing with 80 and 50 units), and Maple Sunset and Fox Springs (market-rate housing with 72 and 68 units). As of 2025, Southeast Capital has added 308 units to Knoxville's affordable housing inventory. Properties are developed using Low Income Housing Tax Credits (LIHTC) and managed by third-party property management companies including Elmington Property Management.

Differentiator

Problem solved

Functional benefit

Products and services

• Central Terrace A 147,616 square foot family-centered affordable apartment complex consisting of 56 three-bedroom/two-bath units and 56 two-bedroom/one-bath units (112 total units), located at 4510 Fennel Rd, Knoxville, TN 37912, financed through THDA LIHTC/bond programs and City of Knoxville Affordable Rental Development Fund support.
• Inskip Flats A 75,400 square foot modern affordable apartment complex consisting of 33 three-bedroom/two-bath units and 33 two-bedroom/one-bath units (66 total units), located at 4755 Romeo Way, Knoxville, TN 37912; completed September 2023.
• The Ammons at Asheville Highway A 102,267 square foot family-centered affordable apartment complex consisting of 28 two-bedroom/two-bath units and 52 three-bedroom/two-bath units (80 total units), located at 4617 Asheville Hwy, Knoxville, TN; two-bedroom units rent at $905/month and three-bedroom units at $1,181/month.
• Burlington Commons A 51,580 square foot modern affordable apartment complex consisting of 26 two-bedroom/one-bath units, 20 three-bedroom/two-bath units, 2 one-bedroom/one-bath units, and 2 studio units (50 total units), located at 4530 Holston Drive, Knoxville, TN; Southeast Capital's first major affordable housing project.
• Maple Sunset An 89,840 square foot Class A apartment complex consisting of 36 one-bedroom/one-bath units and 36 two-bedroom/two-and-a-half-bath units (72 total units), located at 4829 Maple Sunset Way, Knoxville, TN 37912; one of Southeast Capital's market-rate housing developments.
• Fox Springs A 98,600 square foot condo complex consisting of 64 two-bedroom/two-and-a-half-bath units and 4 three-bedroom/two-and-a-half-bath units (68 total units), located in Knoxville, TN; one of Southeast Capital's market-rate housing developments.

Quantifiable outcome

• As of 2025, Southeast Capital has added 308 units to Knoxville's affordable housing inventory
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• THDA (Tennessee Housing Development Agency)coreStrategic or Co-development PartnerSoutheast Capital actively seeks LIHTC and Bond Co-Developer partnerships with THDA throughout Tennessee. The company has proven expertise in the THDA application process and has successfully obtained Form 8609s on every property developed.
• Carl LansdencoreStrategic or Co-development PartnerDeveloper Carl Lansden partnered with Southeast Capital to build The Ammons at Asheville Highway, an 80-unit apartment complex developed on the site of a dilapidated hotel.
• Elmington Property ManagementcoreChannel Partner/ Reseller/ DistributorElmington Property Management manages affordable housing properties developed by Southeast Capital. The company manages more than 38,000 apartments in 19 states with a focus on fostering healthy communities.
• Emerald Housing ManagementminorChannel Partner/ Reseller/ DistributorEmerald Housing Management handles leasing for Inskip Flats property developed by Southeast Capital.
• Davie Construction Co.minorStrategic or Co-development PartnerDavie Construction Co. built Central Terrace Apartments, a project of Southeast Capital.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• The NHP Foundation: Nonprofit that develops, owns, and manages affordable and mixed-income rental housing nationwide, frequently using LIHTC and tax-exempt bond financing. Comparable to Southeast Capital in mission focus on affordable workforce housing and reliance on public financing tools.
• Pennrose: Pennrose is a mid-sized developer and manager of affordable, mixed-income, and mixed-use housing using LIHTC and tax-exempt bonds across the Eastern U.S. Closely matches Southeast Capital's development + third-party-property-management model.
• BRIDGE Housing: Mission-driven affordable and mixed-income developer on the West Coast using LIHTC and public partnerships. Comparable in mission and financing stack to Southeast Capital, though regionally focused elsewhere.
• L+M Development Partners: Develops affordable, mixed-income, and market-rate rental housing with deep LIHTC and tax-exempt bond expertise. Comparable in deal structure and capital-stack approach to Southeast Capital's LIHTC/Bond Co-Developer model.
• Dominium: One of the largest U.S. developers of affordable housing using LIHTC, operating a vertically integrated model across the Sunbelt. Southeast Capital is structurally similar in that it specializes in LIHTC-sourced multi-family development but operates at a regional rather than national scale.

Broad incumbents

• WinnCompanies: Large diversified housing developer and owner-manager, with a substantial affordable portfolio under LIHTC. Comparable LIHTC-developer specialization, but at meaningfully greater scale and geographic breadth than Southeast Capital.
• The Michaels Organization: National affordable and workforce housing developer-operator with significant LIHTC-produced rental housing. Comparable to Southeast Capital on the LIHTC-rental side, but with a much larger owned portfolio.
• Related Companies (Related Affordable): Nationwide mixed-income and affordable housing developer arm of a large real estate platform, with extensive LIHTC and bond-financed rental production. Overlaps Southeast Capital's product category but at vastly greater scale and capital base.

Others

• Elmington Property Management: Property management partner that operates over 38,000 apartments across 19 states including Southeast Capital's affordable portfolio. Adjacent ecosystem participant rather than a direct competitor; manages assets Southeast Capital develops.
• WNC (WNC & Associates): National LIHTC syndicator and investor that provided equity to Southeast Capital's The Ammons. Functions as a capital partner (LP) rather than a competitor; included because it is the most visible institutional relationship in Southeast Capital's stack.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/southeast-capital-tn

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Southeast Capital