Related Companies has closed on the acquisition of 7,837 affordable housing units from Apartment Investment and Management Company, making Related one of the nation’s largest affordable preservationists.
Related Affordable, the affordable housing division of Related Cos., first announced plans to purchase Aimco’s Asset Management portfolio and affordable real estate communities for $590 million in April.
The properties are located in 16 states and include the Hunters Point communities four affordable, garden-style properties with 604 apartment homes located in San Francisco, CA.
“Related is proud of its nearly half-century commitment to affordable housing and building strong communities through public-private partnerships,” said Matthew Finkle, President of Related Affordable.
“Related continues to be focused on financially and operationally supporting the long-term preservation of affordable housing portfolios at scale. 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 plan to continue as we work with other property owners and managers, like Aimco, to provide long-term affordable housing options to the thousands of Americans who call our properties home.”
Related Affordable is known for its commitment to community building not only within its individual properties, but in the larger neighborhoods its buildings inhabit. Through its property rehabilitation work, Related has built community centers and common areas to house after-school programs, as well as job training and adult literacy courses.
Through its Foundation, Related Affordable has also helped administer local scholarship and other resident-supporting programs, and even helped an inner-city school build an athletic field so its students could enjoy recess and after-school sporting events for the first time