Related Companies today announced it has closed on the acquisition of 7,837 affordable housing units from Apartment Investment and Management Company (“Aimco”) (NYSE: AIV), making Related one of the nation’s largest affordable preservationists. Related Affordable, the affordable housing division of Related Cos., first announced plans to purchase Aimco’s Asset Management portfolio and affordable real estate communities for $590 million in April of this year and was able to close on all 51 properties in just 90 days.
The properties are located in 16 states and include the Hunters Point communities, four affordable, garden-style properties with 604 apartment homes located in San Francisco, CA. “Related is proud of its nearly half-century commitment to affordable housing and building strong communities through public-private partnerships,” said Matthew Finkle, President of Related Affordable. “Related continues to be focused on financially and operationally supporting the long-term preservation of affordable housing portfolios at scale. We have preserved tens of thousands of affordable housing units across the country and have never converted a single unit to market rate – a legacy we plan to continue as we work with other property owners and managers, like Aimco, to provide long-term affordable housing options to the thousands of Americans who call our properties home.”
Related Affordable is known for its commitment to community building not only within its individual properties, but in the larger neighborhoods its buildings inhabit. Through its property rehabilitation work, Related has built community centers and common areas to house afterschool programs, as well as job training and adult literacy courses. Through its Foundation, Related Affordable has also helped administer local scholarship and other resident-supporting programs, and even helped an inner-city school build an athletic field so its students could enjoy recess and after-school sporting events for the first time.
ABOUT RELATED COMPANIES: 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 and London, and boasts a team of over 3,500 professionals. With over $50 billion in assets owned or under development including the 28-acre Hudson Yards neighborhood development on Manhattan’s West Side, Related was recently named to Fast Company Magazine’s list of the 50 Most Innovative Companies in the World. For more information about Related, please visit www.related.com.
ABOUT RELATED AFFORDABLE: Related Affordable is the division of Related Companies that develops, acquires and preserves affordable housing throughout the nation. Affordable housing laid the foundation of Related Companies, and its broad portfolio of award-winning affordable and mixed-income developments demonstrates the company’s continuing ability to create affordable housing opportunities in a variety of geographically, economically and socially diverse neighborhoods. Related owns and operates a portfolio of more than 45,000 affordable and workforce housing units.
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