Citi, Highridge Partners, a privately held, real estate investment company, and Michael Costa, a leader in the Low Income Housing Tax Credit (LIHTC) industry, have agreed to form a new company operating as Highridge Costa Housing Partners (HCHP) to own General Partnership interests in and manage an existing $3.4 billion LIHTC portfolio of 275 affordable, multifamily housing communities which were built over the last 15 years and to pursue new opportunities.
Citi is contributing a previously foreclosed portfolio of which Costa was a partner. Highridge Partners, a contrarian strategy investor with roots in residential real estate, is providing required new equity capital, global capital markets relationships and strategic financial management perspective, while Costa brings a highly-regarded business operations and strategic planning background and unparalleled experience in the tax credit syndication and affordable housing development industry.
The Highridge Costa portfolio of 275 properties is comprised of family and senior apartment communities, housing 80,000 residents in 34 states and Puerto Rico, with almost 50 percent of the properties in California. All were developed using federal low-income housing tax credits.
