Nonprofit multifamily affordable housing investment manager National Equity Fund completed a massive deal earlier this week when it acquired National Affordable Housing Trust’s properties and fund management portfolio, according to a May 19 press release.
In all, NEF is gaining 165 properties, encompassing 15,000 affordable homes nationwide, across 29 funds from NAHT.
"The acquisition of NAHT's properties was an intentional, collaborative effort between two non-profits dedicated to protecting our partners' investments, empowering residents and ensuring that crucial affordable housing is not lost,” Matt Reilein, president and CEO at National Equity Fund, said in the press release.
NEF, which has a 40-year history in affordable housing, set a record in 2025 of $1.95 billion in federal Low-Income Housing Tax Credit (LIHTC) equity, surpassing its previous high set in 2024. It raised and deployed a total of $2.5 billion in affordable housing investments across 130 transactions in 2025, per the release.
Overall, its total production is nearly $30 billion, supporting the creation or preservation of approximately 274,000 affordable homes, per the release. It currently has about $26 billion in assets under management.
"By aligning our portfolio with NEF's proven track record and shared commitment to mission-driven impact, we are ensuring continued stewardship of the communities and developments we have helped support," said Brian Dowling, interim president and CEO of NAHT, said in the release.
While sizable, the NEF-NAHT deal isn’t the only large affordable housing transaction to have occurred over the past couple of years.
In December 2025, New York City-headquartered affordable housing preservation company Hudson Valley Property Group acquired a 22-property portfolio comprising 4,768 units across the western United States from Spokane, Washington-based Inland Group.
In November 2024, New York City- and Los Angeles-based Standard Communities acquired a 100% affordable housing portfolio of over 6,000 apartment homes in more than 60 communities in four states. With the purchase of the portfolio, valued at over $1 billion, Standard entered Arizona, Colorado and Texas and grew its California portfolio to nearly 11,000 apartments.
In May 2023, Chicago-based Nuveen acquired a portfolio of more than 12,000 units concentrated in New York City from New York-based Omni Holding Co. This portfolio included several large apartment properties in the Bronx, Brooklyn and Queens, as well as buildings in Maryland, Massachusetts, Texas and other states.
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