Meyer Orbach Acquires Two Affordable Housing Buildings in Minnesota’s St. Paul

 Breaking News
  • No posts were found

Meyer Orbach Acquires Two Affordable Housing Buildings in Minnesota’s St. Paul

June 18
21:16 2020

In the community of St. Paul, not far from Minneapolis, real estate mogul Meyer Orbach along with his Orbach Affordable Housing Solutions group recently acquired their first multifamily acquisition that will serve as affordable housing to the community of St. Paul. 

The properties that total 236 units, named Sibley Park, located at 211 E. Seventh St. and Sibley Court at 484. N. Temperance will facilitate a diverse and peaceful residential community for its tenants and surrounding neighbors. Situated on a busy block where many of the neighborhood’s residents gather at shops and restaurants like the popular eatery Buttered Tin, the two buildings will remain a beacon of community and solidarity.  

While approximately 40% of each building’s units are subject to LURA’s and HAP contracts, OAHS has voluntarily committed to preserving the other 60% of the units as affordable for residents with moderate incomes. Despite the fact that the new buyers have the option to revert those units to regular housing, the New Jersey based real estate entrepreneur has remained adamant about maintaining the buildings’ status as low income housing through the Low Income Housing Tax Credit program. Sherman Associates, the sellers of the two properties, made sure that retaining affordable housing in the buildings was a priority for the buyer.  “We are committed to ensuring high-quality housing for all income levels and we pledge to continue preserving the affordability of these units for generations to come,” Orbach said of the St Paul acquisition. 

As Orbach has done so with many of his various residential buildings in other communities around the U.S., preserving affordability in each of his property acquisitions is at the forefront of Orbach Affordable Housing Solutions priorities. Orbach, who is also a partner in both the NBA’s Minnesota Timberwolves as well as the WNBA’s Minnesota Lynx teams, has been extremely active and a prominent presence in the Minnesota communities in which he conducts business.  As Orbach and OAHS surge ahead, continuing to make positive impacts in communities in which they invest, they anticipate to have acquired over $500 million in acquisitions by the end of 2020. 

In another recent acquisition, Orbach and the OAHS group acquired five new properties, two in Pennsylvania and three in New York that is all together valued at $75 million. All five properties will additionally serve as affordable housing for all of the buildings’ residents. With over 4000 units nationwide, Orbach and his Orbach Affordable Housing Solutions group continues to make significantly positive strides of impact in each community they invest in. 

Media Contact
Company Name: OAHS
Contact Person: Meyer Orbach
Email: Send Email
Country: United States

Related Articles