Berkadia Acquires LIHTC Advisors

With the merger, LIHTC Advisors will be fully integrated into the firm's affordable housing division.

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Berkadia has grown its affordable housing division by acquiring an Idaho-based brokerage for an undisclosed price.

Looking to expand its market presence, the company purchased LIHTC Advisors, which focuses on apartment investors looking for Low Income Housing Tax Credits throughout the U.S. The brokerage started in 2011 and has since established a strong presence in the Midwest, Northwest, Southeast and Texas. Some of its latest closed transactions were located in Montana, Washington, Texas, Wyoming, Wisconsin and South Carolina.

With the merger, LIHTC Advisors will be fully integrated into Berkadia’s affordable housing division with former LIHTC Advisors Principals Jeff Irish and Brandon Grisham as senior managing directors. Irish and Grisham’s resumes include being involved with more than $2 billion worth of sales with affordable housing assets across the U.S. and a combined 19 years of experience in representing general and limited partners. The duo recently closed on a $225 million portfolio of 11 existing affordable properties across Texas and Florida, Berkadia told Multi-Housing News.

According to Berkadia, the duo closed 53 transactions in 2019 and expects to close even more this year. Berkadia also told MHN that a team of seven brokers and technical experts will also be joining Irish and Grisham on their move to Berkadia.


Berkadia has continued its momentum for its affordable housing division that is led by David Leopold. Leopold, senior vice president & head of Berkadia Affordable, joined the Berkadia team in November 2019 after serving as vice president of Targeted Affordable Sales and Investments at Freddie Mac’s multifamily division.

Leopold told MHN that Berkadia will focus on integrating the LIHTC team into its platform, but is also always assessing opportunities to expand the company’s reach.

“With a critical shortage in affordable housing across the country and the pandemic highlighting how vital safe, decent, and affordable housing is to the stability and well-being of households and infrastructure of communities, we see a huge opportunity,” Leopold told MHN.

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