Beacon Communities is an active purchaser of and investor in other affordable housing companies. Since 2012, we have executed 4 transactions in which we have bought or invested in platforms that own, manage, or develop multifamily affordable and mixed-income housing.
We have executed transactions in which we acquire companies and integrate them into Beacon Communities. We have also executed transactions where, as the investor, we provide oversight while the other companies operate independently.
The 4 platform investments and acquisitions we have made involve approximately 21,600 existing apartments and 630 apartments in construction and development. These transactions have helped Beacon Communities grow and enabled us to open offices in Albany, NY, and Pittsburgh, PA.
In mid-2017, Beacon Communities closed on the acquisition of the business interests of National Development Corporation (“NDC”), a Pittsburgh-based owner and manager of multifamily housing. At the time of the acquisition, the NDC portfolio included 59 assets in 8 states and the District of Columbia, totaling approximately 5,300 apartments. This real estate portfolio and its associated property management operations are being integrated into Beacon Communities. In addition, NDC has a large third party management business consisting of approximately 7,250 apartments in 120 properties. This business will continue to operate under its own brand.