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BH Properties Sets Sights on $1B Affordable Housing Portfolio
BH Properties has launched a new investment initiative into affordable housing with a goal of ultimately building a $1-billion portfolio. The new initiative will be led by veteran affordable housing executive William “Bill” Stoll, who joins the firm as managing director.
An adjunct to the Los Angeles-based firm’s value-add multifamily platform, the new platform will focus on low-income housing tax credit, Section 8 and age-restricted housing across the U.S. BH sees investment in affordable housing as complementary to its other business lines, including value-add acquisitions, bankruptcy solutions and investment in real estate debt instruments across the capital stack.
“As long-term investors, our affordable housing strategy is driven by the annuity-like nature of the income stream and not the assumption of tax credits where most investors play,” said BH president Jim Brooks. “We will be looking at assets with 100 or more units, typically following the expiration of the 15-year compliance period, where we can then hold them for as long as a decade.”
Pictured: William Stoll.
- ◦Sale/Acquisition
