GHC Housing Partners has purchased a portfolio of 10 properties in the metro Denver area.
The communities provide a combined 500 units of project-based Sec. 8 housing.
The portfolio was sold by American Housing Preservation Corp., a subsidiary of Portland, Maine-based Liberty Group. The sales price was not disclosed.
The sale is the largest project-based Sec. 8 transaction in Colorado in recent history, according to Pinnacle Real Estate Advisors, which brokered the deal.
Located from Clifton to Canon City to Aurora, the properties range from 40 units to 104 units, with a total square footage of more than 365,000 square feet.
This is the first acquisition Los Angeles-based GHC Housing Partners has made in Denver, though it owns properties in other markets throughout Colorado. The company intends to make improvements to the properties and preserve them as affordable housing.
“As a Colorado native, it’s exciting to see the amount of growth happening in the state yet important to preserve its limited affordable housing properties,” said R.J. Miller, senior vice president of acquisitions in a statement. “This purchase is the first of what we plan to be many more in the Denver metro area and our goal is to acquire, rehabilitate, and preserve affordability for as many of these properties as possible.”
GHC ranks No. 3 on the AHF 50 list of top owners this year, with more than 19,000 units.
J.B. Hochman and Justin Brockman, senior advisors at Pinnacle,
represented both the buyer and seller.