CBRE Brokers Sale of 43 Affordable Properties

By Laura Calugar

Jeff Kunitz, EVP, CBRE Affordable Housing

CBRE Affordable Housing brokered the sale of a 43-property, 4,153-unit affordable housing portfolio heavily concentrated in Maryland to Enterprise Homes, a nonprofit affordable housing developer affiliated with Enterprise Community Partners. Jeff Kunitz, executive vice president of CBRE Affordable Housing worked on the behalf of the seller, The Shelter Group. Enterprise Homes also took over the property management staff that ran the portfolio under Shelter Group’s ownership, expanding its team by 175 employees. Terms of the sale were not released. 

Most of the properties included in the transaction are located in Maryland (35), one is in Virginia and seven are in Pennsylvania. All assets operate under the Low Income Housing Tax Credit programor the Housing Assistance Program. Two of the assets were under construction at the time of sale.

Preserving affordability

Three quarters of the properties within the Shelter portfolio serve seniors, with the remainder targeted to families. The buyer intends to maintain the Mid-Atlantic properties as affordable to low-income residents for years to come. 

“It was very important for Shelter Group to find a buyer who would maintain the same high level of service for the tenants in these properties that they had provided. This transaction showcased two great companies partnering together to ensure that high-quality affordable housing continues to be available for families and seniors,” said Kunitz, in a prepared statement.

With this acquisition, Enterprise Homes’ number of properties has tripled, reaching 7,000 units.  

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Image courtesy of CBRE