Harmony Housing Acquires 862 Units of Affordable Housing in Texas
July 19, 2017
Harmony Housing, a non-profit organization that owns and acquires affordable housing in the U.S., today announced it has completed recent acquisitions of three multifamily properties in Texas. Part of a growing portfolio of over 5,000 rental units accumulated in the last three years, the properties will benefit from preservation as affordable housing on a permanent basis.
The properties Harmony Housing acquired include Limestone Canyon and Parkside Crossing in Austin, TX, and Sendero Ridge in San Antonio, TX. Together, these three affordable housing communities comprise 862 units.
“This acquisition marks a significant addition to our portfolio of affordable housing by increasing the number of preserved units in our portfolio by 20%. We are thrilled for the opportunity to positively impact the lives of thousands by maintaining this critical housing, and will continue on our mission to permanently preserve as much housing as possible,” said Bob Barolak, President, Harmony Housing.
Will Balthrope, Executive Managing Director with Institutional Property Advisors, (IPA), and Jennifer Campbell, Associate Director, arranged the sale of the 862 Texas-based multifamily assets.
“This represents one of the few remaining true value-add plays of scale in two of the most dynamic growth markets in the United States,” says Balthrope. “All three of the Central Texas assets are well located and present many opportunities to the new ownership through renovation and repositioning.”
“We are seeing strong buyer interest from private buyers on all of our offerings throughout Texas, and these properties were no exception,” adds Campbell.
Harmony Housing’s goal is to grow its affordable rental housing portfolio and provide safe and comfortable housing across the country. The organization’s proceeds are ultimately reinvested into its property portfolio or distributed to the broader community through charitable giving, thus achieving the twin goals of transforming neighborhoods and helping people reach their full potential. Harmony Housing was originally founded as part of the ongoing philanthropic efforts of Stephen Rosenberg, founder of Greystone & Co., a real estate lending, investment and advisory company.