The Tax Credit Group (TCG) of Marcus & Millichap announced that it has reached the $3 billion mark in sales of low-income housing tax credit (LIHTC) properties.

The firm has arranged 459 transactions valued at more than $3.2 billion since 2001.

Last year, the group brokered the sale of 88 LIHTC properties with 14,080 units valued at more than $800 million.

So far in 2012, TCG has arranged the sale of 39 LIHTC developments with 6,151 units valued at $327 million.

“The market has been very aggressive,” Robert Sheppard, executive vice president, told Affordable Housing Finance in May.

He attributed the strong interest in the properties to several factors, including positive fundamentals in the apartment market, low interest rates, and good equity yields.

Sheppard also pointed out that there’s a growing number of LIHTC properties because developers have been adding to the portfolio each year. New projects are being built, and older ones are being resyndicated with new tax credits.

Because of the amount of units now in the program, conventional equity sources are starting to show an interest in the affordable housing sector.

Use restrictions generally keep LIHTC properties affordable for 30 or more years.

TCG’s largest transaction in the past 12 months was a $190 million sale of a portfolio of six LIHTC properties with 1,483 units in California.

The group has also had a $22 million sale in Manchester, N.H., and a $19 million, 483-unit portfolio sale in Washington, D.C.