A three-party joint venture called the Essential Housing Impact Partnership — formed by The Michaels Organization, Goldman Sachs Asset Management's Urban Investment Group, and the Community Development Trust — completed a $1.2 billion acquisition of 90 affordable housing communities with a combined 10,000 units. That works out to $120,000 per unit.

The properties were acquired from Harmony Housing and managed by Greystone Property Management Corporation. They are across eight states: Florida, Illinois, Indiana, Kentucky, New York, South Carolina, Texas, and Wisconsin. Michaels will manage all of them.

"Cristhian Codorniu, vice president of capital markets at Michaels, told Bloomberg the joint venture is targeting core to core-plus returns, which are typically an annual rate of 6% to 12%". The story also quoted executives as saying that the average rent is less than $1,000 a month.