The Michaels Organization, a national leader in residential real estate with full service capability in development, property management, construction, and investment, announced that it has acquired a 12-property residential portfolio in Indiana. The portfolio includes affordable housing, workforce housing, and commercial spaces totaling 831 units, upping Michaels’ presence in the midwestern states to more than 5,300 apartments.
“These are high-quality, well-managed communities that have provided much-needed affordable and workforce housing to families and seniors in the Fort Wayne and Indianapolis areas over the past 20 years,” said Kunal Chothani, Vice President of Acquisitions for Michaels. “We are delighted to be entrusted with the opportunity to preserve the long-term affordability of these important assets while lifting the lives of the residents.”
The communities, which are located in the Indianapolis and Fort Wayne areas of the state, include 10 LIHTC properties and two workforce housing communities. The affordable communities serve residents at or below 60 percent of the Area Median Income (AMI). All the properties were built or renovated between 2003 and 2020.
Michaels, the largest private-sector owner of affordable housing in the country, has experienced much of its major growth through acquisitions. Last year, Michaels acquired 15,000+ units of privatized military housing.