Boston-based Preservation of Affordable Housing Inc. (POAH) has closed on the purchase of six affordable rental properties – five in the Miami area and one in Jacksonville, Fla. – totaling 846 apartment units.
The cost of the transaction was $49.2 million.
The seller was Greater Miami Neighborhoods Inc., a Florida-based non-profit which is closing after more than 20 years.
"All of the properties will require significant reinvestment and rehabilitation so that they may be preserved as healthy, decent affordable housing for the long-term," the organization said.
These purchases are POAH’s first in Florida. With this acquisition, the organization owns almost 6,500 affordable rental homes in nine states and the District of Columbia.
