Troubled developer sells off affordable housing

UPDATED, 10:50 a.m., Aug. 19: The beleaguered, third-largest affordable housing developer in the U.S. has sold its affordable housing division to South Florida-based real estate conglomerate the Atlantic | Pacific Companies for an undisclosed sum.

The antecedent to the Carlisle Development Group, a Miami-based company with more than $1 billion in completed projects; the company’s CEO Matthew Greer and former executive Lloyd S. Boggio are under federal grand jury investigation into the alleged padding of costs to inflate tax subsidies for affordable housing projects, as The Real Deal previously reported.

Nevertheless, Carlisle recently won a $2.5 million bid to build an affordable-housing complex in Dade.

“Atlantic | Pacific is the perfect fit for our team because they share our long term vision of empowering local communities to improve themselves,” Greer said in the release.

Atlantic | Pacific, a fourth-generation South Florida family real estate enterprise, will use the acquisition to create a new subsidiary company, A | P Communities.

“The new company will leverage the extensive experience of both organizations to bring state of the art affordable housing to the communities we serve,” Randy Weisburd, COO of Atlantic | Pacific Companies, is quoted as saying in the release.

Both companies refused TRD‘s requests for more information.