Meyer Orbach Expands Affordable Housing with Major Acquisitions Across Multiple States, Investing Over $309 Million
- Sep 8, 2024
- 2 min read
Meyer Orbach, Chairman of Orbach Affordable Housing Solutions, has recently expanded the company’s portfolio by acquiring over 870 affordable housing units across California, North Carolina, and Ohio. Over the past six months, Orbach has overseen the purchase and planned rehabilitation of multiple properties, reflecting his commitment to providing quality, affordable housing to low-income families nationwide.
The acquisitions include Ocean View Gardens and Playa del Alameda in Alameda County, California, with 102 family units combined. These properties, closed in June 2024, are part of Orbach’s broader initiative to address the affordable housing shortage in high-demand urban areas. The planned rehabilitation efforts are aimed at making these units more energy-efficient and comfortable for residents, aligning with Orbach’s dedication to enhancing the overall living experience for tenants.
In North Carolina, the portfolio was bolstered by the addition of 149 units at Salem Gardens Apartments in Forsyth County, 100 units at Fayetteville Gardens Apartments in Cumberland County, and 104 units at Tidewater Townhomes in New Hanover County. These acquisitions, completed between December 2023 and April 2024, represent Orbach’s focus on revitalizing older properties in underserved communities, ensuring that affordable housing remains accessible and sustainable. The rehabilitation investments in North Carolina alone amount to over $23 million, highlighting the scale and commitment of the initiative.
Ohio saw the acquisition of 85 units at Macarthur Park Apartments in Hamilton County and 184 units at Beechwood Villa Apartments in Clermont County. These properties, acquired in early 2024, underscore Orbach’s efforts to expand affordable housing options in the Midwest. The substantial rehabilitation investments in these Ohio properties reflect the organization's goal of upgrading older housing stock to meet modern standards, with nearly $15 million dedicated to these improvements.
Most recently, Orbach added Promenade I & II in Pleasanton, California, to the portfolio. This Alameda County property, closed in August 2024, brought 146 more units under the Orbach Affordable Housing Solutions umbrella, with total acquisition costs amounting to over $23 million. The addition of Promenade I & II marks a significant step in Orbach’s expansion strategy, further solidifying the company’s presence in the competitive California market.
Overall, these acquisitions represent a significant investment in affordable housing, with nearly $48 million allocated for property rehabilitation and a combined total of over $286 million in development costs. Meyer Orbach’s leadership in these projects shows his dedication to not just acquiring properties but improving them to enhance the quality of life for residents through sustainable and energy-efficient upgrades.
Meyer Orbach expressed his enthusiasm for the recent expansions, emphasizing the importance of creating safe, affordable housing that meets the needs of diverse communities. "We are committed to providing not just affordable homes, but homes where families can thrive and build a better future," said Orbach. His approach prioritizes long-term community impact, ensuring that each investment goes beyond the immediate needs to foster stable, vibrant neighborhoods.
Orbach’s expansion strategy emphasizes the importance of preserving affordable housing and improving living standards for low-income families, demonstrating a steadfast commitment to his mission of impacting communities positively across the nation. By continuously investing in significant property upgrades, Orbach Affordable Housing Solutions aims to set a new standard in affordable housing that combines quality, sustainability, and accessibility.
