CBRE Affordable Housing announced that is has arranged the sale of a 43-property, 4,153-unit affordable housing portfolio heavily concentrated in Maryland, to Enterprise Community Investment, for an undisclosed price.
Jeff Kunitz, executive vice president, CBRE Affordable Housing arranged the sale on the behalf of the seller, Shelter Group.
The properties included in the transaction are spread across Maryland (35), Virginia (1), and Pennsylvania (7). All the properties included in the portfolio contain LIHTC, HAP, or Senior Housing restrictions. Two of the properties were under new construction at the time of the sale.
"We were thrilled to represent Shelter Group in this sale. Both Shelter Group and Enterprise Homes have demonstrated a high level of commitment to maintaining the affordable housing market in the Mid-Atlantic region. It was very important for Shelter Group to find a buyer who would maintain the same high level of service for the tenants in these properties that they had provided," stated Mr. Kunitz. "This transaction showcased two great companies partnering together to ensure that high-quality affordable housing continues to be available for families and seniors."
Based out of Columbia, Maryland, Enterprise Community Investment also hired the property management staff that ran the portfolio under Shelter Group’s ownership–adding 175 employees to its team.
"We were clear that we needed an experienced advisor on our team to help us evaluate our portfolio from a market perspective, develop our strategy and lead the marketing and selection process. The number, strength and quality of the offers were testaments to how well the CBRE team did its job in representing us and presenting the portfolio," Jeff Hettleman, Executive Vice President of Shelter Group said. "We received multiple acceptable offers on attractive financial terms, which allowed us to make a decision based on the non-economic factors that were extremely important to us. We cannot imagine a better buyer than Enterprise for the portfolio and our associates."
CBRE Affordable Housing is a specialty group within CBRE Group, Inc. that combines investment sales, debt and structured finance, and investment banking into a fully integrated service offering for clients in the affordable housing industry. They have closed over $14.2 billion dollars in sales and financing since 2001 and have conducted transactions in all 50 states and Puerto Rico.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
