- BH Properties has launched Haven Housing to preserve and upgrade older affordable housing communities in high-growth Western states.
- The firm targets properties exiting federal affordability restrictions, aiming to renew contracts and improve living conditions.
- Connor Mortland, formerly with Avanath Capital, will lead the initiative and manage acquisitions across the West.
New Strategy for Affordable Housing
CoStar reports that BH Properties, traditionally focused on office, retail, and industrial assets, is expanding into multifamily housing. The firm’s new venture, Haven Housing, begins with 2,500 units and focuses on affordable and workforce housing. It will pursue garden-style properties with 100 or more units in states like California, Texas, Arizona, and Colorado.
Preserving Aging Properties
Haven Housing will concentrate on properties developed under the Low-Income Housing Tax Credit (LIHTC) program that are nearing the end of their 15-year compliance period. Instead of allowing these properties to convert to market-rate housing, BH Properties plans to renew affordability agreements and renovate units. This approach helps maintain the existing housing stock without the high costs of new construction.
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Leadership With Experience
BH Properties hired Connor Mortland to lead Haven Housing. He brings nearly 10 years of experience in affordable housing investment. At Avanath Capital, he managed a national portfolio and helped close a $132M deal in the Bay Area. Mortland will operate from the company’s San Diego office and report to President Jim Brooks.
A Response to Market Pressures
Rising home prices and high renter burdens have pushed more firms to invest in existing affordable housing. Building new units remains expensive, especially in Los Angeles, where costs often exceed $1M per unit. Acquiring and preserving existing properties offers a faster, less risky alternative.
What Comes Next
More than 850,000 affordable units across the US are expected to lose federal protections by 2038. States like Arizona and Colorado are offering new incentives to encourage preservation. BH Properties plans to use these policies to grow its portfolio and meet demand without relying on new construction.
