The Shelter Group appears to be exiting the housing market, as it has agreed to sell 43 affordable-housing properties to Baltimore-based affordable-housing developer, Enterprise Homes.
The Shelter Group’s affordable-housing portfolio includes 4,153 apartments. The deal is part of an effort by the organization to focus more Brightview, 35 assisted living, dementia care and independent living communities.
Brightview provides around the clock care to seniors, disabled and debilitated people. The company employees 3,600 people, most of which work at Brightview. A total of 175 employees will move to Enterprise Homes.
Jeffrey Hettleman, executive vice president at The Shelter Group said, “We felt it would be better for that business to be within an organization where that was their focus, that was the bulk of what they did.”
The deal will triple Enterprise Home’s portfolio of affordable-housing properties.