INDIANAPOLIS, IN – Residential real estate firm the 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 LIHTC 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, each of the communities were constructed or renovated between 2003 and 2020.
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The acquisition expands the Michaels Organization's Midwest portfolio to total more than 5,300 units.
The Michaels Organization VP of acquisitions Kunal Chothani states, "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."
Chothani adds, "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."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
