CBRE Group announced Dec. 7 that it has acquired Seattle-based Tax Credit Group, a leading real estate brokerage firm focused on low-income housing tax credit assets.
The Tax Credit Group (TCG), which will now be called CBRE Affordable Housing, has listed and closed more than $7.9 billion in low-income housing tax credit real estate since it was founded in 2001.
The partnership will enable TCG to combine the affordable housing expertise of its team with the resources of the CBRE platform, which include investment sales, debt and structured finance, investment banking, and valuation services.
“TCG’s success is a testament to the trust and support of our clients and the great people who are part of our team,” said managing director and vice chairman Robert Sheppard, who will lead CBRE Affordable Housing. “CBRE provides us the platform to execute on our vision of providing the full suite of investment capital and services to our affordable housing clients. We will be able to fully integrate our affordable housing expertise with these new capabilities, which will substantially improve our service offerings for our clients.”
Previously part of Marcus & Millichap, TCG is comprised of more than 50 professionals, led by Sheppard, Armand Tiberio, Spencer Hurst, and Jeff Arrowsmith.
“The acquisition of TCB is a strategic move that adds a new capability to our capital markets offering—affordable housing services—and improves our ability to meet the full spectrum of real estate investor needs,” said Chris Ludeman, global president, Capital Markets, CBRE. “We are excited that Robert and his colleagues have joined CBRE and look forward to the benefits that our combined offering will provide to our professionals and clients.”