The Related Companies bought an asset management portfolio and four affordable communities from Aimco. The $590m deal includes 7,837 affordable housing units across 51 properties in 16 different states. Related will continue to operate the 51 communities as affordable and will begin a rehabilitation plan once the deal is closed, scheduled for the third quarter of 2018.
“Since our very founding, Related has had a keen focus on the acquisition and preservation of affordable housing. We had closely followed Aimco and when the opportunity arose to acquire, preserve and rehabilitate this portfolio, it was a natural fit,” said Matthew Finkle, president of Related Affordable. “The lack of affordable housing options continues to be a challenge for many communities throughout the country. Developing new affordable housing has always been a challenge, and we continue to believe that one of the most important ways to address the need is to ensure the preservation of the affordable housing stock that already exists.”
