Orbach Affordable Housing Solutions Expands Its Portfolio As It Continues Its Nationwide Investment Into Affordable And Senior Housing
New $75 Million Acquisition Includes 5 Properties Containing More Than 700 Affordable Units in Western New York and Pennsylvania
Orbach Affordable Housing Solutions Plans to Renovate All Newly Acquired Properties.
ENGLEWOOD CLIFFS, N.J., May 28, 2020 /PRNewswire/ — Orbach Affordable Housing Solutions (OAHS), based in Englewood Cliffs, NJ, today announced the expansion of its affordable and senior housing portfolio with the purchase of 5 new properties valued at $75 million that include over 700 units in New York and Pennsylvania.
All of the recently purchased apartments will be renovated, and the buildings will be modernized for current and future residents.
Orbach acquired 3 affordable housing properties in Western New York and 2 in Pennsylvania:
- Niagara Towers
- Tonawanda Towers
- Urban Park Towers
- Bethlehem Townhomes
- Stoney Ridge Apartments
With the new acquisitions, Orbach now owns approximately 4,000 affordable units.
“Our mission remains very clear: we want to create safe, beautiful and affordable homes for residents and their families to enjoy. My dedicated team has been identifying projects all across the country as part of our commitment to ensure high-quality housing is available to all income levels for generations to come,” said Meyer Orbach, Chairman of OAHS.
Prior to the latest closings, more than 50% of the OAHS portfolio had already been upgraded to improve their quality, accessibility and comfort for all tenants.
“Orbach Affordable Housing Solutions is proud to continue expanding its portfolio and to bring its expertise and quality management to our properties across the country to ensure all our tenants have a safe, comfortable place to live,” said Jay Reinhard, President of Orbach Affordable Housing Solutions.
In Philadelphia alone, OAHS transformed 442 units at University Square after a $25 million renovation into the affordable housing property. OAHS bought the property in 2017 and immediately started renovations after it being in decline for four decades. Every unit was upgraded to improve the quality of living for tenants and improve the building’s overall energy efficiency and sustainability. Orbach invested over $140 million into the property.
OAHS has plans for future acquisitions and plans to expand to approximately 5,000 affordable units by the end of 2020.
ABOUT ORBACH AFFORDABLE HOUSING SOLUTIONS
Orbach Affordable Housing Solutions, LLC (OAHS) was formed in July 2016 to create and preserve affordable housing throughout the United States. As a certified owner and operator with the U.S. Department of Housing and Urban Development’s Housing Assistance Payment Program, OAHS currently provides approximately 4,000 families with affordable housing through its ownership of HUD buildings across New York, New Jersey, Pennsylvania, California, Minnesota and Virginia.
SOURCE Orbach Affordable Housing Solutions