Affordable Upstate names Mario Brown as CEO
December 12, 2024
Move reinforces commitment to workforce and affordable housing
Affordable Upstate, a private equity firm focused on workforce and affordable housing, has evolved its leadership structure by naming co-founder Mario Brown its new Chief Executive Officer.
This transition marks a significant milestone for Affordable Upstate, emphasizing its continued commitment to sustainable, community-driven housing solutions and robust investor returns.
Since its founding in 2016, Affordable Upstate has raised more than $55 million in investor equity, generating strong returns and providing several successful exits for investors. Brown, who purchased his first multifamily complex in 2014, brings more than a decade of multifamily investment experience and a strategic vision for scalable, cost-saving measures that directly enhance portfolio value and resident impact.
“Affordable Upstate was founded on the principle that affordable housing and strong investor returns can go hand-in-hand,” Brown said.
Brown highlighted the company’s focus on innovative, scalable solutions such as Naturally Occurring Affordable Housing Property Management, and non-profit partner, Southeast Affordable Housing Administration, as examples of ways it will continue to grow.
“These initiatives allow us to implement cost-saving measures tailored to maximize portfolio value, enhance resident impact, and ultimately position us toward consistent performance with institutional-grade reporting standards,” he said. “With a strengthened leadership team, we are better positioned than ever to meet the challenges of inflation.”
In addition to Brown’s new role, Affordable Upstate has also added Chris Rawlings and Sam Gooding, to support its growth. Rawlings brings more than 30 years of financial and strategic planning experience, having previously served as Treasurer and Director of Corporate Accounting for Landmark Communications, Inc., and will now serve as Affordable Upstate’s fractional Chief Financial Officer.
Gooding will serve an Asset Manager. He has managed more than $150 million in multifamily financing, specializing in asset stabilization and value-add strategies across the Southeast.
Brian Albers, Brown’s fellow co-founder and previously a principal at Affordable Upstate, will transition to a consulting role, where he will continue supporting the firm’s mission through community-focused nonprofit partnerships. His ongoing involvement ensures continuity and alignment with Affordable Upstate’s core values.
“As Affordable Upstate continues to scale, the team remains dedicated to responsible, community-centered investments that enhance quality of life while delivering robust, long-term returns for investors,” Brown said.
About Affordable Upstate
Affordable Upstate is a real estate investment firm focused on redeveloping and redefining naturally occurring affordable housing in the Upstate of South Carolina. Since 2017 they have placed over $50 million of investor equity into socially responsible, environmentally enhanced workforce housing assets, resulting in a diverse and thriving portfolio with over 1,450 apartment units that satisfy the expectations of residents, investors, and communities. Learn more at Affordable Upstate.
