PORTLAND, Ore. & ALBUQUERQUE, N.M. – Nearly 2,800 affordable housing units will remain protected thanks to the closing of a $444 million preservation transaction, described as one of the largest of its kind in the country.
The deal secures 2,740 apartments across 13 former Low-Income Housing Tax Credit (LIHTC) properties in Portland, Oregon and Albuquerque, New Mexico. According to officials, 93% of the units will remain affordable, ensuring long-term stability for residents in communities grappling with rising housing costs.
A Landmark Acquisition
For Guardian Real Estate Services, the owner and operator, this represents its largest single portfolio acquisition to date. The company, already a major player in Oregon housing, is using the transaction to expand its footprint into New Mexico while reinforcing its long-term growth strategy.
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Guardian President Tom Brenneke called the agreement a milestone for the company’s mission.
“This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing,” Brenneke said. “Partnering with NEF allows us to safeguard thousands of homes while expanding our footprint into New Mexico and deepening our presence in Oregon. Together, we are proving that large-scale preservation can be both financially sound and rooted in community well-being.”
The Partners Behind the Deal
The transaction was made possible through a partnership with the National Equity Fund (NEF) and J.P. Morgan. The structure of the deal includes a limited partner equity investment, though officials emphasized that no new LIHTCs are being administered.
Through a dedicated fund, NEF and J.P. Morgan contributed approximately $160 million to the effort. The financing model ensures both immediate preservation and long-term affordability for the units involved.
Addressing the Housing Crisis
The deal comes amid heightened national concern about the affordable housing shortage. Rising rents, limited supply, and the expiration of affordability agreements on older LIHTC properties have threatened housing security for low- and moderate-income families.
Officials say transactions like this one are vital to preventing displacement. Without preservation efforts, thousands of tenants could face sudden rent hikes as affordability restrictions expire.
NEF’s Broader Strategy
For NEF, the deal fits into a broader expansion of its structured finance practice, which focuses on preserving existing affordable housing and creating workforce housing for moderate-income earners—often referred to as the “missing middle.”
In a statement, NEF leaders highlighted their commitment to innovation and scale.
“In recent years, NEF has been intentional in organically expanding its capabilities to address the affordable housing crisis,” the company said.
Last year alone, NEF’s structured finance team delivered nearly $900 million in investments across preservation and workforce housing projects nationwide.
Significance for Communities
Housing advocates say the preservation of nearly 2,800 units is especially significant in markets like Portland and Albuquerque, where affordability pressures are acute. Portland continues to see rising rents and homelessness challenges, while Albuquerque struggles with an aging housing stock and limited affordable options.
By locking in long-term affordability, the deal provides stability for thousands of families, seniors, and individuals who might otherwise face being priced out of their homes.
Looking Ahead
With this transaction, Guardian Real Estate Services cements its role as one of the region’s leading affordable housing providers. The company says it will continue to look for opportunities to preserve housing in partnership with financial institutions committed to balancing community impact with financial sustainability.
For residents of the 13 properties, the deal means something simpler: the reassurance that their homes will remain affordable in the years ahead.
