Harmony Housing Affordable Development, a newly formed subsidiary of Harmony Housing, is acquiring the property development, management, and advisory business of Greystone Affordable Development.
Greystone Affordable Development, which has preserved, redeveloped, and constructed more than 16,725 affordable units, had previously partnered with nonprofit Harmony Housing to build a 132-unit affordable housing community in East Charlotte, North Carolina.
For Harmony Housing, the new alignment will expand the services offered by the organization to encompass the creation of new affordable housing from the ground up with an industry-leading development team.
In turn, the legacy Greystone Affordable Development group will be able to leverage Harmony Housing’s strength as a prominent national owner of affordable housing, enabling more engagement in development transactions within the nonprofit sector, according to the firms.
“Harmony Housing’s impact on the communities it serves and its leadership within the affordable housing industry have been clear and admirable from day one, and we are excited to be closely aligned with a mission-driven group in our joint efforts to develop and preserve safe and quality housing for those who need it most,” said Tanya Eastwood, head of Harmony Housing Affordable Development. “I am immensely proud of what our affordable development team has accomplished in the years we have worked together and know that we will be well positioned for future success under the umbrella of Harmony Housing.”
Georgia-based Harmony Housing has been in operation for more than 20 years and has acquired more than 17,000 units.
“Since we began our effort of acquiring affordable housing properties for the sole purpose of enriching others’ lives and making charitable contributions to humanitarian causes with excess proceeds, our expectations have been surpassed,” said Jim O’Connell, president of Harmony Housing. “To work more closely with the affordable development team on projects that can be enhanced with our combined efforts and strengths is going to help us reach our goals of making an even stronger impact on the world.”
The legacy Greystone Affordable Development construction management business led by Jim Triano will remain in place under Greystone and will continue to work on projects alongside Harmony Housing Affordable Development.
