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Partnership Acquires 90-Property Affordable Portfolio for $1.2B
The Community Development Trust (CDT), The Michaels Organization and Goldman Sachs Urban Investment Group (UIG) have completed the $1.2-billion acquisition of 90 affordable housing communities. Encompassing 10,000 units, the Essential Housing Impact Partnership portfolio consists of 90 properties located across eight states: Florida, Illinois, Indiana, Kentucky, New York, South Carolina, Texas and Wisconsin.
Most of the properties were built or rehabilitated with Low Income Housing Tax Credits and are primarily in their extended-use compliance periods. The portfolio ranges from high-cost primary metropolitan cities to exurban/rural communities, many of which offer limited quality affordable housing options.
“By partnering with like-minded organizations in Michaels and UIG, we were able to assemble the critical resources needed to complete this major preservation transaction,” said Joseph F. Reilly, CDT’s president and CEO. “Through this partnership, these properties will remain viable affordable communities – providing over 30,000 residents with quality affordable housing – for the long term.”
- ◦Sale/Acquisition
