SHERMAN OAKS, CA - Affordable housing with wellness clinics, a college scholarship program, job counseling, fitness centers, nutrition clinics, computer labs and even an on-site movie theater? Subsidized multifamily housing has taken on a new meaning for thousands of low income Americans. Under one independent private company, Section 8 housing comes with amenities seen in conventional apartment properties and offers residents services that go beyond an affordable rent.
GHC Housing Partners, based in Sherman Oaks, Calif., together with its property management company affiliate, PK Management LLC, is reshaping the face of affordable housing in America by focusing on the social side of low income housing, while providing a quality living environment. GHC is a vertically integrated company with a national acquisition strategy that consists of a property management company, and a non-profit foundation focused on helping its 30,000 elderly and family residents.
"This is a new approach to affordable housing," said Gregory Perlman, CEO of GHC Housing Partners. "We focus on our residents and provide them with the opportunity to better their lives through self-improvement programs as well as support from the non-profit Perlman Foundation."
Formerly named GH Capital, GHC Housing Partners specializes in acquiring and managing primarily Section 8 housing and providing social services and amenities that go far beyond HUD requirements. Vegetable gardens, dog parks, job counseling, college scholarships and summer camps are only part of this transformation of affordable housing. GHC Housing Partners is focused on initiatives and programs that improve lives and provide bootstrap opportunities for residents to achieve a higher standard of living.
The past 12 months have experienced record growth for the company founded by Perlman, who started the business in 1994. Since 2011, when it began its partnership with Castle Hill Housing Partners, a New York and Los Angeles-based real estate equity manager, GHC Housing Partners acquired 19 properties totaling 2,669 units in 12 states, bringing its total properties to over 16,000 units in 21 states. This makes GHC Housing Partners one of the top three owners of Section 8 housing in the U.S. and one of the 10 largest owners of all affordable housing. PK Management has offices in Greenville, S.C. and Cleveland, Ohio, and over 550 employees nationwide focused on initiatives that create a high quality living environment for its residents.
Recent acquisitions include: the South Village Apartments, a 335 unit senior housing property in Trenton, N.J.; Essex Village, a 496 unit family and senior property in Richmond, Va.; Ridgecrest Terrace, a 250 unit family property in Dallas that was purchased from the lender via foreclosure; Hacienda Del Rio, a 146 unit senior property in Phoenix; Rolling Hills, a 110 unit family property in Winston-Salem, N.C. purchased from the Housing Authority; and Woodland Crossing, a 132 unit tax credit family property also in Richmond which GHC purchased through a general partner interest acquisition.
Looking to the future, Perlman says, "Our goal is to intelligently acquire 10,000 or more units over the next couple of years both in individual transactions and through joint ventures with other affordable housing operators. This enables us to help over 20,000 additional low income Americans and deliver tangible and intangible services that can improve their lives."
The Perlman Foundation is a charitable, tax-exempt, 501 (c) 3 organization established in 2009 dedicated to positively impacting children, families and elderly residents residing in low-income, Section 8 housing nationwide.
Perlman adds, "Quite simply, we want to be the best at effectively owning, operating and managing affordable and socially responsible housing that provides a critical safety net to low income residents."
GHC Housing Partners and its property management affiliate, PK Management LLC, focus on acquiring and managing subsidized housing properties throughout the U.S. The company's core business is the acquisition of multifamily properties with project-based Section 8 contracts. Based in Sherman Oaks, Calif., GHC Housing Partners and its affiliated entities are among the country's largest owners and managers of HUD-subsidized housing with approximately 16,000 units in 21 states. GHC Housing Partners and PK Management collectively employ over 550 employees nationwide, and operate regional offices in Cleveland, Ohio, and Greenville, S.C.