Nonprofit Wesley Housing Nearly Doubles Portfolio In Deal That Includes Affordable Senior Housing

A nonprofit developer and provider of affordable housing and supportive services is growing beyond its initial footprint with a new acquisition of affordable communities that serve older adults and families in need.

Wesley Housing is acquiring Virginia United Methodist Housing Development Corporation (VUMHDC) in a transaction that nearly doubles Wesley’s existing affordable housing portfolio. Since its founding in 1975, the organization has worked “both as owners and partners in multi-family apartment communities for seniors and families,” according to its website.

The addition adds 34 properties totaling 1,919 units in Virginia to Wesley Housing’s portfolio and represents the Alexandria, Virginia-based organization’s first major growth effort outside of the Washington, D.C. region

Wesley Housing has a current affordable housing portfolio of 29 properties.

“This merger presents a unique opportunity for strategic growth, allowing us to leverage VUMHDC’s existing assets while serving thousands of hard-working adults and children who would otherwise struggle to afford to live in their chosen communities,” Wesley Housing CEO and President Kamilah McAfee said in a press release about the deal. “We look forward to further establishing relationships with local jurisdictional representatives, businesses, nonprofit service providers, and funders that will be critical to our successful growth across the Commonwealth.”

Terms of the deal were not disclosed.

Combined with its existing portfolio, Wesley now has ownership of over 4,300 units and offers expanded services to those the organization serves.

The merger could also lead to future growth, with Wesley intending to develop more communities in new markets to bring affordable housing portfolio across Virginia and the D.C. markets.

The VUMHDC’s operating partner Amurcon Realty Company will continue to manage the acquired properties and facilitate operations as part of a transition in the merger.

VUMHDC President Larry Dickenson and two existing VUMHDC board members will now sit on the Wesley Housing Board of Directors in 2025 as part of the merger.

“We are very excited about merging our resources, assets, and market brand with Wesley Housing,” Dickenson said. “The merger will produce a truly statewide company able to compete on a scale with major regional developers to continue our primary mission of expanding the supply of affordable housing for all Virginia residents.”

The post Nonprofit Wesley Housing Nearly Doubles Portfolio in Deal That Includes Affordable Senior Housing appeared first on Senior Housing News.