In one of the largest affordable housing deals of the year, Related Cos. has closed on the acquisition of 7,837 units from Apartment Investment and Management Co. (Aimco).

Matthew Finkle
Matthew Finkle

Related Affordable, the affordable housing division of Related Cos., first announced plans to purchase Aimco’s asset management portfolio and affordable real estate communities for $590 million in April and was able to close on all 51 properties in 90 days. The properties are located in 16 states and include the Hunters Point communities—four affordable, garden-style properties with 604 apartment homes located in San Francisco.

“Related is proud of its nearly half-century commitment to affordable housing and building strong communities through public-private partnerships,” said Matthew Finkle, president of Related Affordable. “Related continues to be focused on financially and operationally supporting the long-term preservation of affordable housing portfolios at scale. We have preserved tens of thousands of affordable housing units across the country and have never converted a single unit to market rate—a legacy we plan to continue as we work with other property owners and managers, like Aimco, to provide long-term affordable housing options to the thousands of Americans who call our properties home.”

In April, officials said Related, which owns and operates a portfolio of more than 45,000 affordable and workforce housing units, would begin implementing preservation plans for the 51 properties once the transaction was completed.

For Aimco, the deal simplifies its business and completes a planned exit from the affordable housing sector.