Camden-based Michaels Organization has purchased a 12-property affordable housing portfolio in Indiana.
The portfolio comprises 831 units of affordable housing and workforce housing. The acquired communities include 10 Low Income Housing Tax Credit properties and two workforce housing properties. The affordable housing communities serve residents at or below 60% of the area median income.
Located across the Indianapolis and Fort Wayne areas of Indiana, each of the communities was constructed or renovated between 2003 and 2020.
The acquisition expands the Michaels Organization’s Midwest portfolio to total more than 5,300 units.
The Michaels Organization’s vice president of acquisitions, Kunal Chothani, said, “These are high-quality, well-managed communities that have provided much-needed affordable and workforce housing to families and seniors in the Fort Wayne and Indianapolis areas over the past 20 years.
“We are delighted to be entrusted with the opportunity to preserve the long-term affordability of these important assets while lifting the lives of the residents.”