Ambling sells $106m affordable housing portfolio

Ambling has sold for $106 million a 20-property Project-Based Section 8 (HAP) portfolio totaling 1,763 units across Georgia, North Carolina and South Carolina.

Preservation Partners Development, Infinity Real Estate Advisors and Jonathan Rose Cos. each acquired parts of the portfolio.

“Ambling has a deep history of developing and preserving best-in-class affordable housing communities throughout the Sunbelt, and this portfolio sale represents a culmination of those efforts,” said Mike Godwin, CEO of Ambling. “We were excited to work with a group of buyers who were equally committed to preserving the portfolio’s long-term affordability.”

Preservation Partners Development purchased 12 communities in Georgia, including Athens Gardens and Clarke Gardens in Athens; Glynn Isle Townhomes in Brunswick; Calhoun Gardens in Calhoun; Cartersville Gardens in Cartersville; Bridge Creek and Merrimac Village in Fitzgerald; Forsyth Gardens in Forsyth; Catoosa Gardens