A nonprofit developer and supplier of inexpensive housing and supportive providers is rising past its preliminary footprint with a brand new acquisition of inexpensive communities that serve older adults and households in want.
Wesley Housing is buying Virginia United Methodist Housing Growth Company (VUMHDC) in a transaction that just about doubles Wesley’s current inexpensive housing portfolio. Since its founding in 1975, the group has labored “each as homeowners and companions in multi-family condo communities for seniors and households,” in accordance with its web site.
The addition provides 34 properties totaling 1,919 models in Virginia to Wesley Housing’s portfolio and represents the Alexandria, Virginia-based group’s first main progress effort outdoors of the Washington, D.C. area
Wesley Housing has a present inexpensive housing portfolio of 29 properties.
“This merger presents a novel alternative for strategic progress, permitting us to leverage VUMHDC’s current belongings whereas serving 1000’s of hard-working adults and youngsters who would in any other case wrestle to afford to dwell of their chosen communities,” Wesley Housing CEO and President Kamilah McAfee mentioned in a press launch concerning the deal. “We stay up for additional establishing relationships with native jurisdictional representatives, companies, nonprofit service suppliers, and funders that will likely be essential to our profitable progress throughout the Commonwealth.”
Phrases of the deal weren’t disclosed.
Mixed with its current portfolio, Wesley now has possession of over 4,300 models and provides expanded providers to these the group serves.
The merger may additionally result in future progress, with Wesley aspiring to develop extra communities in new markets to carry inexpensive housing portfolio throughout Virginia and the D.C. markets.
The VUMHDC’s working associate Amurcon Realty Firm will proceed to handle the acquired properties and facilitate operations as a part of a transition within the merger.
VUMHDC President Larry Dickenson and two current VUMHDC board members will now sit on the Wesley Housing Board of Administrators in 2025 as a part of the merger.
“We’re very enthusiastic about merging our assets, belongings, and market model with Wesley Housing,” Dickenson mentioned. “The merger will produce a really statewide firm capable of compete on a scale with main regional builders to proceed our major mission of increasing the availability of inexpensive housing for all Virginia residents.”
