NHP Foundation-Urban Athletic Fund Acquires Connecticut Portfolio for $43 Million
The NHP Foundation-Urban Atlantic Fund I, LLC acquired four apartment complexes in Connecticut for approximately $43 million. The portfolio consists of 404 total units, and all properties benefit from a Project-Based Section 8 Housing Assistance Payment (HAP) contract for all units.
The $50 million equity fund was launched in June 2012 to address the growing shortage of affordable senior housing. PNC Bank is the equity provider for the fund. The fund has acquired 10 properties since its inception with more than 1,200 units, including the most recent Connecticut portfolio.
Urban Athletic is based in Bethesda, Maryland, and is a real estate development firm. The NHP Foundation is headquartered in New York City and is a publicly supported 501(c)(3) not-for-porift real estate corporation. It has offices in Chicago, Illinois, and Washington, D.C.
Written by Amy Baxter
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