It has acquired 75 properties with a diversified rent roll and balanced lease maturity schedule.

The firm acquired the 96-bed Victory on Ellendale for $12.5 million in 2018, and sold it for $20.5 million this year.

San Francisco and Las Vegas are among the firm's top target markets for affordable housing investment this year.

CBRE analysts peg the rising demand on household formation, job and wage growth, strong consumer confidence and sharply rising home prices.