Los Angeles-based
GHC Housing Partners has purchased a 500-unit apartment portfolio that will preserve affordable housing throughout Colorado.
The project-based Section 8 portfolio includes 10 communities located from Clifton to Cañon City to Aurora. The bulk of the portfolio is in metro Denver. Project-based Section 8 housing means the vouchers remain with the property, rather than with the residents.
"This kind of affordable housing is very limited and highly sought after," says J.B. Hochman, a senior advisor with
Pinnacle Real Estate Advisors, who with Justin Brockman represented bot the buyer and the seller in the deal.
The communities range from 40 units to 104 units with a total square footage of more than 365,000 square feet. The company intends to make improvements to the properties and continue to preserve them as affordable housing.
"This is the largest project-based Section 8 transaction in Colorado in recent history," Brockman says.
It's the first acquisition GHC has made in Denver, though it owns properties in other Colorado markets.
"We are excited to expand our presence in Colorado with this portfolio acquisition," says R.J. Miller, senior vice president of acquisitions for GHC. "As a Colorado native, it's exciting to see the amount of growth happening in the state yet important to preserve its limited affordable housing properties. This purchase is the first of what we plan to be many more in the Denver metro area, and our goal is to acquire, rehabilitate and preserve affordability for as many of these properties as possible."
Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.
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