A local not-for-profit that acquires, develops and preserves affordable housing for low-income residents has purchased seven multifamily properties around the state in a $56 million portfolio sale that included two developments in Indianapolis.
The Glick Housing Foundation closed on the all-cash deal—the largest by sale price in the firm’s history—in late November, buying 1,110 units in total. In addition to the Indianapolis apartment communities, the acquisition involved properties in Bedford, Bloomington, Lebanon, New Albany and Shelbyville.
David Barrett, president and CEO of the Glick Family Foundation, parent of the housing group, said the acquisition brings the housing foundation’s holdings to 42 affordable properties totaling 7,000 units—including more than 3,700 in Indiana.
The seller of six of the properties was Plainfield-based Community Reinvestment Foundation. The seller of the seventh property was not disclosed.
Each of the seven properties is designated as affordable housing under the federal Section 8 tax credit or state affordable housing designations.
The properties:
— Blueridge Terrace, 505 Dagley Court, Shelbyville, 96 units;
— Bradford Lake, 7626 Portage Ave., Indianapolis, 358 units;
— Cedar Ridge, 3820 Cedar Ridge Road, Indianapolis, 168 units;
— Country View, 2500 S. Rockport Road, Bloomington, 206 units;
— Lebanon Manor, 770 W. Maple Drive, Lebanon, 78 units;
— Rainbow Hills, 2212 M St., Bedford, 48 units;
— and Valley Ridge, 200 Village Drive West, New Albany, 156 units.
Glick plans to make improvements to the properties, but those costs will not be passed on to residents—all of whom have limited income or other circumstances that permit for residency in a rent-controlled community.
“Safe and stable housing is the bedrock of strong communities,” said Barrett. “As housing prices continue to rise, it is more important than ever that we strive to provide quality, affordable housing for individuals and families. Our investment in these seven properties will enable us to further our mission.”
Barrett said Glick plans to maintain ownership of the properties in perpetuity, as it does with most all its holdings. The foundation is separate from the for-profit Gene B. Glick Co., which also develops and owns multifamily properties across the United States, including some affordable and below-market-rate properties.