Meyer Orbach has led the acquisition and renovation of over 700 affordable housing units across three states, enhancing affordable housing nationwide.
ENGLEWOOD CLIFFS, N.J., Aug. 27, 2024 /PRNewswire-PRWeb/ -- Meyer Orbach, Chairman of Orbach Affordable Housing Solutions (OAHS), has announced the successful acquisition and rehabilitation of over 700 affordable housing units across California, North Carolina, and Ohio over the past six months.
These strategic acquisitions reflect Orbach's ongoing commitment to enhancing and preserving affordable housing for low-income families nationwide.
The seven properties, totaling 724 units, have undergone or are scheduled for significant renovations aimed at improving living conditions and energy efficiency.
These investments, amounting to nearly $48 million in rehabilitation costs and totaling over $286 million in development costs, underscore OAHS's dedication to providing quality, affordable housing while maintaining a focus on sustainability and long-term community impact.
In California, OAHS acquired two properties in Alameda County, including Ocean View Gardens in Berkeley, which features 62 family units, and Playa del Alameda in Alameda, with 40 family units. The acquisition of both properties took place in June 2024, with a total rehabilitation expenditure amounting to $9.5 million. These projects are part of OAHS's broader strategy to address the affordable housing shortage in high-demand urban areas.
North Carolina saw the acquisition of three properties, including Salem Gardens Apartments in Forsyth County, a 149-unit family property, Fayetteville Gardens Apartments in Cumberland County with 100 units, and Tidewater Townhomes in New Hanover County, comprising 104 units. These acquisitions, completed between December 2023 and April 2024, are part of OAHS's efforts to revitalize aging housing stock in underserved regions, with a combined rehabilitation investment of over $23 million.
In Ohio, OAHS acquired Macarthur Park Apartments in Hamilton County and Beechwood Villa Apartments in Clermont County. These properties, with a total of 269 family units, were acquired in early 2024. The rehabilitation efforts in Ohio alone represent an investment of nearly $15 million, reflecting OAHS's commitment to improving affordable housing in the Midwest.
Meyer Orbach expressed his enthusiasm for the recent acquisitions, stating, "We are thrilled to have the opportunity to impact so many lives positively."
"Our goal is to not only provide affordable housing but to ensure that these homes are places where families can thrive. The significant investments we're making in these properties will enhance the quality of life for thousands of residents across the country, and we are excited to continue our mission of preserving and improving affordable housing," he said.
Orbach Affordable Housing Solutions, an affiliate of The Orbach Group, owns and manages over 8,000 multifamily units nationwide. The company remains dedicated to its mission of providing safe, sustainable, and affordable housing, with a particular focus on significant renovations that improve energy efficiency and overall living conditions for residents.
About Orbach Affordable Housing Solutions
Orbach Affordable Housing Solutions, led by Meyer Orbach, specializes in the acquisition, renovation, and management of affordable housing properties across the United States. With a portfolio of over 8,000 multifamily units, OAHS is committed to preserving affordable housing and enhancing the quality of life for its residents through strategic investments in property upgrades and energy-efficient improvements.
About Meyer Orbach
Meyer Orbach is the chairman of The Orbach Group, a comprehensive real estate organization specializing in Class-A properties and affordable housing.
Under his leadership, The Orbach Group has owned and managed over 130 buildings in New York City and currently owns and manages more than 50 affordable properties nationwide. He is also the co-founder of GO Partners, which owns iconic Manhattan towers like The Copper Buildings and One East River Place. Meyer is one of the largest shareholders of the NBA's Timberwolves, owning over 17% of the team since 2016.
Media Contact
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SOURCE Orbach Affordable Housing Solutions
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