Beacon Communities Buys NDC, $250M Portfolio
The residential development company now owns National Development Corp. and its 59 properties, most of which are affordable communities. The portfolio is valued at more than $250 million and expands Beacon’s portfolio to 14 states.
By Alexandra Pacurar
Beacon Communities purchased National Development Corp. (NDC) and its portfolio with an estimated value of more than $250 million. The Boston-based company is the new owner of NDC’s 59 properties built in the 1970s and 1980s, the majority of which are affordable. The transaction expands Beacon’s unit count, but also its geographic presence and team members.
The buyer’s portfolio now includes 17,500 apartments—market-rate, affordable and senior housing properties—after adding NDC’s 5,300 units. Prior to this deal, Beacon owned 60 communities throughout New England, Pennsylvania, Maryland, Virginia and New York. NDC’s properties expand Beacon’s presence in Florida, Louisiana, Kentucky, West Virginia, Ohio and the District of Columbia.
The merger doubles Beacon’s staff to more than 1,000 employees and enlarges its third-party property management under the NDC Real Estate Management brand consisting of more than 120 properties and 7,250 units. According to the buyer, the acquisition involved complex regulatory hurdles at the federal and state levels.
Image courtesy of Beacon Communities