Top 50 Affordable Housing Owners of 2018

The Michaels Organization continues to lead the owners list based on the number of affordable housing units owned as of Jan. 1.

Dominium hit a major milestone during 2018—its portfolio of owned and managed properties (affordable and market-rate) crossed the 30,000-unit threshold.

The Millennia Cos. continued to grow its portfolio by adding another 4,000 units in 2018.

Mercy Housing continues to focus on funding for resident services, having received $3 million from the Sisters of Mercy of Ireland for its resident services programs and over $1 million via a grant from Walmart to alleviate food insecurity.

Volunteers of America completed several acquisitions last year, including its entry into a large workforce housing property in Dallas and the first part of a multiproperty, multistate “swap” of properties with a nonprofit peer organization.

Celebrating 26 years in service in 2019, the Foundation for Affordable Housing has assisted in developing over 180 properties with an aggregate value of approximately $1 billion.

Southport closed 23 transactions in 2018, breaking its record of 21 acquisitions in one calendar year in 2015.

National Church Residences has grown its housing portfolio through diverse means, including acquisitions, new construction, and expansion into market-rate development.

Beacon implemented a succession plan last year, with new CEO Dara Kovel taking the helm Jan. 1, 2019.

Starwood transitioned the management of over 4,000 affordable units in-house to its property management business.

The firm staffed its properties fully through lower turnover and centralized maintenance staffing in 2018.

The NRP Group launched third-party construction and property management businesses last year.

The firm’s social goal for 2019 is to extend its Communities of Opportunity programming and launch a reporting system to track the impact on its communities.

The firm added three new communities to its mission in 2018.

Cornerstone completed two affordable housing developments with almost 300 units last year.

The developer plans to complete the largest workforce housing community in Massachusetts this year.

The firm preserved affordable housing through the redevelopment of historic high-rise towers for the elderly in downtown Akron, Ohio; Denver; and Raleigh, N.C.

Last year, L+M introduced interdepartmental working groups, with members sourced from all areas of the company, to find ­opportunities for improvement in areas such as recruitment, communications, and diversity.

The firm acquired Article XI tax abatements in 2018 for 650 units across five properties in Manhattan and Brooklyn, preserving the units for 40 more years.

With a focus on growth and opportunity, the Conifer leadership team has made the commitment to embrace a new strategic ­planning process with more communication, discipline, and accountability.

Glick acquired four communities with 563 units in 2018.

Celebrating 20 years in business, the firm started and completed the most units in its history in 2018.

Last year, Pennrose entered new markets in Illinois, Massachusetts, Texas, and Virginia.

American Community Developers acquired four developments with 338 units last year.

The firm was selected as the designated development partner on two new HUD Choice Neighborhoods grant awards in Baltimore and Tulsa, Okla.

The firm has 11 properties that are funded and in its pipeline for residents who earn up to 80% of the area median income.

Omni continued to focus on acquisition and rehab projects in 2018, adding two developments with 656 units.

Celebrating its 35th anniversary in 2018, the nonprofit broke ground on a 203-unit development in Portland, Ore., and an 80-unit project in San Francisco.

GHC sold a substantial portion of its portfolio during 2018. The bulk of the sales comprised properties the firm had acquired and executed tax credit renovations on 15 years prior.

In 2018, Vitus acquired 1,518 units, more than it has acquired in any prior single year and expanding the firm’s footprint into two new states.

In addition to its portfolio, LEDIC also manages over 16,000 affordable housing units for third-party clients.

The nonprofit continues to make progress toward its five-year goals for residential real estate development and preservation. It has completed over 800 apartment homes since the completion of last year’s AHF survey.

The Hallmark Cos. plans to put together another preservation portfolio in Tennessee this year.

The largest undertaking by the company in its 25-year history is a new development under construction in Kapolei, Hawaii. The 100% affordable project is located on an entire block in a new area of Honolulu.

POAH’s biggest 2018 transaction was the acquisition of a large portfolio in the Cincinnati metro area from The Model Group, preserving over 1,000 affordable housing units.

LDG syndicated its own equity and passed the 10,000-unit mark in 2018.

Related California expanded its presence in Los Angeles and San Francisco counties and hired a new director of operations for the Bay Area in 2018.

Silver Street celebrated its 25-year anniversary in 2018, successfully closing multiple acquisition-rehab transactions utilizing LIHTCs, completing two substantial renovations, and adding several projects to its acquisition pipeline.

In 2018, Eden opened three new developments, all providing needed affordable housing for seniors, and significantly rehabbed six properties with 635 units.

The company is making a substantial change to focus on urban markets instead of rural. 2018 was spent acquiring 1,429 units, with a substantial number in urban markets.

The firm plans to acquire $400 million worth of conventional properties and $75 million worth of affordable properties in 2019.

As part of the nonprofit’s five-year plan, to be executed through 2022, NHP plans to go from 8,000 units under management to 15,000 units.

In Wallick’s effort to continue to provide affordable housing solutions to seniors, the firm completed another assisted-living community and affordable memory-care community in Columbus, Ohio, last year.

In 2018, National CORE successfully bought out its tax credit limited partners in more than 20 affordable housing developments and has started the process of resyndicating the first five.

For Jamboree, 2019 will continue to be a year of more special-needs housing production, as well as the resyndication of LIHTC Year 15 developments.

The firm acquired 536 units worth of affordable housing spread over four properties throughout Central California last year.

Fitch Irick plans to expand its footprint into other states and to complete more tax-exempt bond transactions in 2019.

MidPen secured several innovative developments to keep its pipeline strong through 2020, including the first affordable housing community specifically for teachers in San Francisco.

Standard Communities completed the acquisition of an 855-unit apartment portfolio comprising six buildings in the Chicago metro area.

2018 was one of LHP Capital’s largest acquisition years, at $86.2 million for eight projects totaling 1,244 units.