Renovating Historic Housing
In a relatively short period, the group Preservation of Affordable Housing (POAH) has amassed a sizable portfolio of properties and emerged as a key player in its market. By recently acquiring six properties in Boston from State Street Development, the nonprofit organization has added 841 units to its collection.
"We've been at this now since 2001, so we're a young nonprofit. Through the course of that time and looking at the history of our executions, this is one of the largest transactions we've had," says Rodger Brown, Director of Real Estate Development for POAH. "It mirrors something that we have experienced as an organization, which is the acquisition of portfolios and multiple properties as a very cost-effective way to achieve a preservation outcome. It also provides us some added measure of flexibility when it comes to executing unusual financial engineering that allows some deals like this to happen."
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