Tennessee Portfolio

Property Summary

Type: Primarily affordable multi-family
Size: 57 communities, 8,800 units
Location: Primarily Tennessee & Southeastern U.S.

Acquisition Summary

Source: Off-market
Investment: $24.8 million
Ownership: Equity interest in GP portfolio, management company & development company

Transaction Overview

Equity Resource Fund 2011 invested $24.8 million to acquire a minority equity interest in a vertically integrated real estate company that owns, manages, and develops affordable housing. The investment provided liquidity for the company’s exiting first generation investors and funding for future growth. The company has over 40 years experience in affordable housing and owns and manages 57 government subsidized apartment communities in 10 states.

The transaction was structured to allow for continuity of management, realignment of ownership interests, and the recapitalization of the seller’s operating business, including its LIHTC development company and management company.