Related Companies is acquiring 7,837 affordable housing units from Apartment Investment and Management Company.
Related Affordable has entered into a binding agreement to purchase Aimco’s Asset Management portfolio and four affordable real estate communities for $590 million.
The units involved iare located across 51 properties in 16 states, and includes the Hunters Point communities, four affordable, garden-style communities, with 604 apartment homes located in San Francisco, CA.
Related plans to preserve the 51 properties as affordable. Once the closing is complete in the third quarter of 2018, Related will begin implementing preservation plans for each property.
“The development and preservation of affordable housing has been a cornerstone of Related’s business for more than 40 years,” said Matthew Finkle, president of Related Affordable.
“We have preserved tens of thousands of affordable housing units across the country and have never
converted a single unit to market rate – a legacy we intend to extend to all of the 7,837 apartments in this portfolio.
“At Related, we believe affordable housing is a priority for building strong communities and we look forward to working with other property owners and managers like Aimco, as well as local and state governments throughout the country, to continually expand our preservation efforts so we can continue to provide affordable housing to the thousands of Americans who call our properties home.”