NEW YORK, Dec. 07, 2015 (GLOBE NEWSWIRE) -- Harmony Housing, a nonprofit that owns and acquires affordable multifamily housing in the U.S., announced it has completed the recent acquisition of three multifamily properties in Florida, Indiana and Tennessee. Harmony Housing’s combined investment in these three properties, including capital improvements, is expected to be approximately $35 million. These three properties bring the nonprofit’s footprint to a total of 4,900 affordable rental units across nineteen properties, and its total portfolio real estate value to over $200,000,000.
The most recent acquisitions comprise the following properties: Villas at Cove Crossing in Lantana, FL (94 units), Willow Creek Apartments in Mt. Juliet, TN (144 units), and Gladden Farms Apartments in Indianapolis, IN (220 units). These three new communities account for approximately 10% of the affordable housing units in Harmony Housing’s portfolio, and the organization plans to invest significantly in property unit renovations to update and modernize the resident dwellings. These properties also reflect Harmony Housing’s current business plan of buying well performing assets from 10 to 20 years old, typically constructed with low income housing tax credits, in markets where rents that such properties may charge is limited to levels significantly below rents on comparable unrestricted units.
The addition of Willow Creek Apartments near the Nashville metropolitan area of Tennessee also extends Harmony Housing’s reach to a new region, where they predict they will see more acquisition activity in the future in order to maintain high-quality affordable rental property in a market that is presently under-served in this capacity. Currently, Harmony Housing owns affordable housing communities across Florida, Texas, Kentucky, Tennessee and Indiana.
“Harmony Housing has been aggressively exploring acquisitions in order to help meet the high demand for comfortable affordable housing around the country, and we are incorporating unique approaches to see this mission through,” said Bob Barolak, President of Harmony Housing Advisors, Inc., which advises the nonprofit on acquisitions. “The property we purchased in Indianapolis, Gladden Farms, benefited from proactive work with the seller prior to closing to run the day-to-day operations for the community through our experienced property management arm. This acquisition was indicative of our commitment to Indiana’s affordable housing market and being a premier owner and operator of affordable housing in the state.”
Harmony Housing’s mission is to grow its affordable rental housing properties in order to provide safe, comfortable affordable housing across the country. The organization’s proceeds are reinvested into its property portfolio or distributed to the broader community through charitable giving, thus both preserving affordable housing and helping people reach their full potential. Harmony Housing was originally founded as part of the ongoing philanthropic efforts of Stephen Rosenberg, founder of Greystone & Co., a real estate lending, investment and advisory company.
About Harmony Housing
Harmony Housing Advisors, Inc. provides consultative services to Harmony Housing, a 501(c)(3) formed to own and acquire multifamily affordable housing across the United States. Harmony Housing’s mission is to provide and grow the availability of affordable housing to those in need around country. For more information, visit www.HarmonyHousing.org.