Related Cos is expected to announce a deal this week that will considerably expand its affordable housing portfolio. The $270M deal includes more than 3,000 affordable houses, half located in Chicago with the rest sprinkled across the US. Plans to renovate the units are in the works with an investment of $262M, but Related intends to keep the homes affordable. The luxury housing giant now has more than 45,000 affordable housing units in its portfolio, offsetting some of the risk associated its high-end residential investments. [WSJ]
Related Makes $270M Affordable Housing Buy
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