Essential Housing Impact Partnership Acquires 90 Affordable Communities

Heatherwilde Park

The Michaels Organization, Goldman Sachs Asset Management, and Community Development Trust Together Preserve More Than 10,000 Affordable Apartment Homes Across Eight States

The Michaels Organization (Michaels), the Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs), and the Community Development Trust (CDT) in a Joint Venture known as the Essential Housing Impact Partnership have completed the $1.2 billion acquisition of 90 affordable housing communities. 

The acquired portfolio consists of communities developed and rehabilitated primarily with federal Low-Income Housing Tax Credits, most of which are near or at the end of their required affordable initial compliance period. The acquisition of these communities ensures the long-term reinvestment and preservation of more than 10,000 apartment homes affordable to families and seniors with low and moderate incomes. 

"We are proud to be part of this joint venture designed to preserve these essential housing resources, ensuring they remain community assets for generations to come," said John J. O'Donnell, Chief Executive Officer of The Michaels Organization. "We're also excited to welcome both the residents and the teammates of these high-quality affordable housing communities to the Michaels family."

The properties, which were all acquired from Harmony Housing and managed by Greystone Property Management Corporation (GPMC), stretch across eight states — Florida, Illinois, Indiana, Kentucky, New York, South Carolina, Texas, and Wisconsin. All 90 communities acquired by the Essential Housing Impact Partnership will now be managed by Michaels. 

In a separate but related transaction, Michaels will also serve as the property manager for 31 communities, all in North Carolina, which have been acquired from Harmony Housing by Foresight, a non-profit organization dedicated to preserving affordable housing. Michaels has a long-standing relationship with Foresight and manages the majority of its affordable portfolio. The 31 acquired communities will add 1,923 affordable apartment homes to Foresight's portfolio.

"The Michaels Organization and Foresight are clearly aligned with both Harmony Housing and Greystone's mission to positively impact people's lives through the support of affordable housing. We are confident Michaels will continue the resident care and attention that's been a priority for Harmony Housing and GPMC," said Bob Barolak, president, Harmony Housing. "Harmony Housing will continue its strategy of growing and preserving a portfolio of high-quality affordable housing that can give back to the community, and we are proud of the immense impact we have made through resident services, resident and employee scholarships, and charitable donations that have been a result of the Harmony Housing portfolio strategy."

Michaels is the largest privately held owner of affordable housing in the country. The Urban Investment Group within Goldman Sachs Asset Management has been a pioneer in creating innovative capital solutions to address complex community challenges. Since its inception in 2001, it has focused on revitalizing underserved neighborhoods through affordable housing, small business lending and quality educational and healthcare facilities, financing the creation and preservation of over 53,000 housing units, 3 million square feet of community facility space and over 12 million square feet of office, retail and industrial space. Now in its 25th year, CDT provides long-term capital to support the preservation of affordable housing and other community developments with social impact throughout the United States

"By partnering with like-minded organizations in Michaels and UIG, we were able to assemble the critical resources needed to complete this major preservation transaction. Through this partnership, these properties will remain viable affordable communities — providing over 30,000 residents with quality affordable housing — for the long term," said Joseph F. Reilly, President and Chief Executive Officer of CDT. 

"We couldn't be more excited to partner with The Michael Organization and the Community Development Trust to preserve much-needed affordable housing across more than 10,000 apartment units," said Dan Alger, a Managing Director and co-head of the Urban Investment Group within Goldman Sachs Asset Management. "Goldman Sachs has invested over $17 billion to create positive social and financial returns and the acquisition of this portfolio exemplifies our team's mission-driven approach to investing. The preservation of high-quality, affordable housing has never been more important than it is today and the acquisition of this portfolio allows us to do just that - and to do it at scale, with a real focus on promoting positive outcomes for the residents in these communities."

As part of these acquisitions, both on-site and corporate employees of Greystone Property Management were invited to join Michaels.

Much of Michaels' growth as an organization has been the result of acquisitions during its 50 years as a multifamily developer, asset manager, and property manager. Most recently, Michaels acquired 1,500 affordable homes in Indiana and before that 15,000 of privatized military housing. With this latest transaction, Michaels is now managing more than 74,000 homes across 39 states.

The Harmony Housing acquisition was led by Michaels Vice President of Capital Markets Cristhian Codorniu, Vice President of Acquisitions Kunal Chothani, Vice President within Goldman Sachs Asset Management Alan Sage, and CDT Chief Business Development Officer Michael Lear. 

About Essential Housing Impact Partnership: Essential Housing Impact Partnership is a joint venture between The Michaels Organization, Urban Investment Group, and the Community Development Trust.

About The Michaels Organization: Michaels is a national leader in residential real estate, with full-service capability in development, property and asset management, construction, acquisitions, and investment. With a national footprint that stretches across 39 states, the District of Columbia and the U.S. Virgin Islands, Michaels offers comprehensive solutions that jumpstart housing, education, civic engagement, and neighborhood prosperity, and is committed to creating Communities that Lift Lives. Follow us on LinkedIn.

About the Goldman Sachs Asset Management Urban Investment Group (UIG)Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs, we deliver investment and advisory services for the world's leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market — overseeing more than $2.5 trillion in assets under supervision worldwide as of December 31, 2022. Driven by a passion for our clients' performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 2001, the Urban Investment Group within Goldman Sachs Asset Management has committed over $10 billion through real estate projects, social enterprises and lending facilities for small businesses and students, creating economic value and opportunities for underserved communities and families. Follow us on LinkedIn.

About CDT: The Community Development Trust ("CDT") is a national investor that provides long-term capital for the preservation and creation of affordable housing and charter school facilities. Working with local, regional, and national partners, CDT makes long-term equity investments and originates and acquires long-term mortgages. Now in its 25th year, CDT has $3.7 billion under management in debt and equity capital for properties in 45 states and regions. CDT's total current investments help to create and preserve more than 38,000 units of affordable housing; providing homes for more than 130,000 residents. CDT is a private real estate investment trust ("REIT") and a certified community development financial institution ("CDFI"). 

About Harmony Housing: Harmony Housing, a 501(c)(3), is a mission-driven non-profit owner of affordable multifamily real estate focused on the acquisition and preservation of affordable housing properties serving low- and moderate-income families and seniors. Harmony Housing has been in operation for more than 20 years and has purchased more than 17,000 thousand units. For more information, visit

Source: The Michaels Organization