Enterprise Homes, a non-profit, affordable housing developer has closed on the purchase of a 4,153 unit affordable housing portfolio on the east coast. The majority of the 43 properties are located in Maryland (35), with the remainder in Virginia (1) and Pennsylvania (7). All assets operate under the Low Income Housing Tax Credit program of the Housing Assistance Program. Two of the assets were under construction at the time of sale. Three quarters of the properties within the Shelter portfolio serve seniors, with the remainder targeting families. The buyer intends to maintain the Mid-Atlantic properties as affordable to low-income residents. CBRE Affordable Housing brokered the sale on behalf of the seller, The Shelter Group. Terms of the sale were not disclosed.
“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. This transaction showcased two great companies partnering together to ensure that high-quality affordable housing continues to be available for families and seniors,” said Jeff Kunitz, executive vice president CBRE Affordable Housing.
