Monumental Demand for Affordable Housing
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CHICAGO—Berkadia’s affordable housing group recently negotiated four sales totaling more than $30 million for four affordable housing properties located across the Midwest and company officials say it helps show that even though the US economy may have escaped the recession, its lingering effects have increased the need for affordable housing, and in turn, many buyers now see these properties as solid investments.
“The market is exceptionally strong for affordable housing communities, both in terms of renter demand as well as investor interest for available opportunities on the market,” Eric Taylor, a senior director in Berkadia’s Detroit office, tells GlobeSt.com. “Persistent wage stagnation, coupled with the lack of middle-income job creation following the Great Recession has resulted in a monumental demand for rent-subsidized and income-restricted housing. Almost every deal that comes across our desks for underwriting is at or near 100% occupancy.”…
