by Paul Willis

CAPREIT (capreit.com), a fully integrated real estate operating company responsible for the ownership and management of more than $6 billion of multifamily assets in the U.S., today announced it has been selected by Affordable Homes & Communities (AHC) to manage 21 communities in the Mid-Atlantic region. AHC is a leading developer of affordable and mixed-income multifamily communities with a portfolio of nearly 20,000 residents.

The communities, located in Maryland, Virginia and Washington, D.C., consist of 3,019 apartment homes. CAPREIT’s assumption of management duties has already begun and will continue through the fall.

“We’re excited to partner with AHC, which has always been a leader in the affordable and mixed-income space,” said Andrew Kadish, CEO and chief investment officer for CAPREIT. “Growing our third-party management portfolio is a major emphasis of ours, and this is an assignment that perfectly aligns with our vast experience in the affordable sector. We look forward to offering best-in-class service levels and cultivating an amazing resident experience at these AHC communities.”

The management assignment from AHC comes just months after CAPREIT announced a series of strategic leadership appointments designed to support the company’s continued growth across key U.S. markets.

“At CAPREIT, we’re focused on fostering a robust company culture and in embracing the latest technology in a highly strategic way,” said Savas Karas, chief operating officer and chief transformation officer for CAPREIT. “These attributes enable us to provide excellent resident service and drive outstanding property performance. We look forward to bringing these attributes to the AHC properties.”

Founded in 1993, CAPREIT owns and operates a diverse portfolio of multifamily communities throughout the U.S. totaling more than 14,000 units. The company is known for its long-term investment horizon, operational excellence and focus on attainable housing.