A newly formed affordable housing company launched Friday with a portfolio grab spanning 31 properties and nearly 4,000 apartment units across 10 states in the Southeast and Midwest. The company, called Perennial Housing Group, says almost all of those properties carry long-term federal rental assistance contracts that keep rents affordable for low-income tenants.
According to PR Newswire, Perennial’s launch came together alongside the acquisition of the 31-property portfolio, with 97% of those properties, measured by count, supported by long-term project-based Section 8 contracts. Those contracts provide rental assistance to eligible households, according to the same release. The deal is backed by institutional capital, the company says, and as reported by citybiz, Perennial is headquartered in Alpharetta, Georgia, where it plans to run the business as an affordable housing investment and operating company focused on acquisitions paired with hands-on property and asset management.
A CEO With a Billion-Dollar Track Record
Leading the new venture is Gregory B. Jones, who serves as Perennial’s chief executive officer and brings two decades of experience in affordable housing investment, financing and operations. Jones previously served as CEO of Infinity Real Estate Management, LLC, where he led the firm’s affordable multifamily housing platform and oversaw property underwriting, contract negotiations and capital structuring, per the PR Newswire release.
Since 2011, Jones has closed more than $1 billion in affordable multifamily transactions, including approximately $700 million in debt financing, the release notes. Jones said Perennial aims to become one of the largest and best-in-class affordable housing owners, adding that the company holds itself to high operational standards and is committed to residents and communities.
Betting on Section 8 Acquisitions and Property Upgrades
Perennial says it will focus its acquisition strategy on project-based Section 8 properties and other affordable housing communities, with plans to grow the portfolio over the coming years through further purchases. The company is targeting more than $1 billion in total asset value over the next several years, the same release states, and expects to partner with LIHTC developers, public agencies, government-sponsored lenders and affordable housing brokers as it expands…