CAF Funds, a CAF Cos. subsidiary dedicated to social impact, has acquired a portfolio of eight multifamily housing communities with 2,766 units in the Dallas-Fort Worth metro. The Obsidian portfolio was purchased in partnership with the Urban Investment Group at Goldman Sachs.
This acquisition marks 3,800 units jointly owned by CAF and Goldman Sachs throughout Texas metros as well as brings CAF’s Impact + Housing portfolio to over 6,000 units. As part of its social impact mission, CAF Funds brings in nonprofit partners to provide resources and services to promote resident well-being. Programming includes after-school care, tutoring, summer camps, workforce development training, rental assistance, and financial literacy. CAF also has partnered with fintech leader Esusu to automate monthly rental payment reporting to credit bureaus to boost residents’ credit scores across the portfolio.
“We are proud to continue our partnership with CAF to preserve access to affordable housing for families in the Dallas-Fort Worth region,” said Sherry Wang, co-head of the Urban Investment Group at Goldman Sachs. “With the potential to expand resident services through resource like after-school child care, we have the opportunity to support the overall well-being of our tenants.”
CAF, which recently was recognized by Freddie Mac with an Impact Sponsor designation for its work in the social impact space, will also preserve affordable housing through the acquisition. As a lender on the portfolio transaction, Freddie Mac provided competitive financing in exchange for maintaining and enhancing affordability as well as providing social services through the duration of the loan period.
In addition, environmental sustainability audits will be completed to evaluate and implement capital improvements aimed at increasing energy efficiency across the portfolio. Improvements will include LED lighting, more efficient water fixtures, updated HVAC units, and smart landscaping.
“We are working to bring social impact investing to arguably the most intimate venue of real estate: housing,” added Matt Falkin, vice president of CAF Funds.