Chicago— Multifamily developer and manager The Habitat Co. has established a major presence in the Southeast U.S. multifamily market with the addition of more than 5,000 units to its national management portfolio. The Chicago-based company’s national management portfolio now includes more than 25,000 residences, the highest number in the company’s history.
Since November 2015, the company has secured assignments for 12 apartment communities in Alabama and Florida. The properties include seven communities totaling about 3,600 units in Birmingham, Ala., and five properties totaling about 1,400 units in Tampa, Fla.
“In a span of just four months, we’ve been able to expand our management portfolio by 25 percent while establishing a strong foothold in two very dynamic markets with favorable supply and demand fundamentals,” said Matt Fiascone, president of The Habitat Co. “Having boots on the ground in Tampa and Birmingham will better position us to evaluate and pursue additional opportunities, not only in these cities, but in others throughout the Southeast U.S.—whether via acquisition, development or property management.”
The most recent addition to the company’s portfolio is the 340-unit Wildwood Acres in Tampa. A venture led by Texas-based Goff Capital Partners LP owns the community, which includes one-, two-, three- and four-bedroom units ranging in size from 700 to 2,400 square feet. The Habitat Co. manages five other properties in Tampa, a market in which the company has had a presence since 2012.
“The Southeast U.S. presents a tremendous growth opportunity,” said Sheila Byrne, executive vice president of property management at The Habitat Co. “As we continue to expand our footprint in the Southeast, we are committed to leveraging our national development and management experience to provide the highest possible level of service to our clients and the residents who call these communities home, operating each property as if it were our own.”
The Habitat Co.’s property management portfolio includes several property types, including luxury apartments, condos, affordable and public housing and senior living communities. The company is one of the largest property developers and managers in the U.S. with more than $3 billion in assets under management across five states.