Related Companies, the nation’s preeminent privately-owned real estate developer, today announced the long-term preservation of an additional 2,417 units of affordable housing across 16 properties and six states in 2016. Continuing their strong, more than 40-year commitment to the creation, development and preservation of affordable housing, Related owns and manages more than 50,000 units of affordable and workforce housing and has never taken a single unit to market.
“We are extraordinarily proud of our staunch commitment to affordable housing,” said Matthew Finkle, president of Related Affordable. "This year we preserved nearly 2,500 affordable residences and ensured that they remain affordable for decades to come. With each acquisition we undertake significant renovations that not only offer our residents a great place to call home, but amenities and community facilities that enrich their lives. Vibrant communities offer quality residential opportunities for all and we will continue to seek out ways to build or preserve affordable housing and enhance our neighborhoods.”
In 2016, Related rehabilitated and preserved several affordable units including more than 600 units in Massachusetts, over 450 in New York and nearly 1,000 units in Illinois. Related also preserved units in Minnesota, Wisconsin and California. In Astoria, Queens, Related is not only preserving 444 units of affordable housing, but also developing an additional 53 new units of veterans and affordable housing across two buildings. In 2017, Related Affordable expects to close on additional properties in Connecticut, Texas and Virginia, ensuring thousands of additional housing units are rehabilitated and remain affordable. Related has been previously recognized by the Environmental Protection Agency (EPA) for being among the first multifamily developments nationwide to earn Energy Star certification—across two properties in New York City—and was also acknowledged for its award-winning renovation of Parkway Gardens in Chicago, a 694-unit affordable rental community comprised of seven buildings spanning two blocks.
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About Related: Related Companies is the most prominent privately owned real estate firm in the United States. Formed over 40 years ago, Related is a fully integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi, London, São Paulo and Shanghai and boasts a team of approximately 3,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $30 billion, is made up of best-in-class mixed-use, residential, retail, office and affordable properties in premier high-barrier-to-entry markets. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 28-acre Hudson Yards project on Manhattan’s West Side. Related also manages approximately $3 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, and family offices. Related Affordable is the division of Related Companies that develops, acquires and preserves affordable housing throughout the nation. Related owns and manages more than 50,000 affordable and workforce units. Its broad portfolio of award-winning affordable and mixed-income developments demonstrates a continuing ability and commitment to creating affordable housing opportunities in a variety of geographically, economically and socially diverse neighborhoods. For more information about Related Companies, please visit www.related.com.
Related Companies: (212) 801-1000 communications@related.com
