The Orbach Group announced the launch of its new subsidiary, Orbach Affordable Housing Solutions, committed to the investment in and preservation of affordable residential units in New York City and across the country.
The new subsidiary has $150 million of new acquisitions in the pipeline to expand its existing affordable portfolio.
For each property acquired, Orbach Affordable Housing Solutions plans to sign the maximum allowable Section-8/HAP or other applicable government extensions to ensure the buildings remain affordable.
Orbach Affordable Housing Solutions will be led by Jay Reinhard, an industry expert with nearly two decades of experience, including 12 years as a vice president at Related Companies.
Meyer Orbach, chairman of the Orbach Group, commented, “Today’s announcement signifies both an expansion of our affordable housing portfolio, as well as a pledge to continue preserving the affordability of these units for generations to come.”
Reinhard, president of Orbach Affordable Housing Solutions, added, “Rehabilitating buildings, making them current, working to make sure that everybody has a nice place to live is my life’s
passion – and I am thrilled to take the next step in my career with Orbach Affordable Housing Solutions.”
The new subsidiary will have more than 2,000 affordable units, and an approximate portfolio value of $400 million.
The Orbach Group’s other properties – including more than 4,000 additional multifamily units – will continue to be managed by the parent company. Most of these properties are located in New York City, though others
are in New Jersey, Pennsylvania, and California.
Prior to joining the Orbach Affordable Housing Solutions, Reinhard served as the President of the Affordable Housing Group at Cammebys International.
During his time at Cammebys and Related, Reinhard completed roughly $1.5 billion in acquisitions, dispositions, and refinancing of affordable housing properties.