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Workforce housing investor gets $320M boost

Neuberger Berman affiliate betting on consistent, safer returns

Almanac Realty Investors managing director Matthew Kaplan (Almanac Realty; iStock)
Almanac Realty Investors managing director Matthew Kaplan (Almanac Realty; iStock)

A private equity firm that backs workforce housing is getting a financial boost.

Almanac Realty Investors, an affiliate of Neuberger Berman, is investing $320 million in Asia Capital Real Estate. The investment will target multifamily properties that provide housing to people who don’t qualify for subsidized housing, according to Bloomberg News.

The companies said investors are attracted to this subset of real estate because it provides more consistent, safer returns — a particular draw since the start of the pandemic.

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In the past year, Asia Capital Real Estate made loans to the City Club Apartments for properties in Detroit and Cincinnati, as well as to Sovereign Properties for a project in North Richland Hills, Texas.

ACRE manages more than $1.8 billion and its portfolio has more than 20,000 apartments. Almanac will own a minority stake in ACRE and anchor its fourth equity fund, which will target multifamily properties in the Southeast, Midwest and Texas.

Last year, Neuberger acquired Almanac, which had been part of Rothschild until 2007.

[Bloomberg News] — Keith Larsen

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Affordable HousingCommercial Real EstateHousing