Enterprise Buys 43-Property Mid-Atlantic Affordable Housing Portfolio
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Enterprise Community Investment has acquired a sizable portfolio of affordable housing spread across the mid-Atlantic.
Columbia, Maryland-based Enterprise purchased 43 properties totaling 4,153 units from the Shelter Group, the bulk of which are in Maryland. The portfolio traded for more than $330M, according to a source familiar with the transaction. All properties in the transaction are Low-Income Housing Tax Credit, Housing Assistance Payment or senior-housing restricted, and Enterprise announced that every property will continue to be designated affordable.
Thirty-five of the 43 properties are in Maryland, including College Parkway Place in Annapolis. Seven of Enterprise's acquisitions are in Pennsylvania, and one is in Virginia. Two of the properties are under construction.
“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," Shelter Group Executive Vice President Jeff Hettleman said. "We cannot imagine a better buyer than Enterprise for the portfolio and our associates.”
Enterprise also acquired the 175-employee property management group that oversees the portfolio in the transaction, which was brokered by CBRE's affordable housing arm.