NEW YORK CITY—Global private markets investment management firmHamilton Lane has recapitalized a workforce housing portfolio ownedby Asia Capital Real Estate, or ACRE, for $147 million. Theportfolio includes more than 1,700 apartments located in Florida,Ohio and Georgia, which have been folded into a new fund structure.It is a meaningful transaction for ACRE, says Michael Van Der Poel,co-founder and managing partner of the long-term affordable housingowner operator.

It's significant because of its size but also because of theinstitutional backer, he says. “We have been investing in workforceand affordable housing for seven years and have spent much of thattime educating institutional investors about their merits anddifferentiating factors.” Up until now, Van Der Poel says, ACRE hassecured much of its financing from family offices.