Affordable Upstate is a regional investment firm specializing in the acquisition and management of multifamily properties. Founded in 2017 by partners Brian Albers and Mario Brown, the pair seeks to prevent the Upstate’s naturally occurring affordable housing stock from being lost to the market. Since then, they have purchased and repositioned more than 425 multifamily units across the fourteen properties that they now manage. Affordable Upstate also ensures that each property they reposition is updated and renovated so that it is more efficient operationally and so that the units meet the needs of future residents. To date, they manage over $26,000,000 in assets.
Rather than engaging in the production of new affordable housing, Affordable Upstate focuses on the preservation of naturally occurring affordable housing (NOAH). Brian and Mario explain the importance of their approach, saying that "unsubsidized affordable housing, or naturally occurring affordable housing, provides housing at affordable rates to low- and moderate-income renters in close proximity to schools, employment, and amenities. As development surges in the Upstate, NOAH properties are at high risk for market-conversion, forcing many residents out of the communities they call home. At Affordable Upstate, we believe that the redevelopment and preservation of the existing stock of affordable housing are integral to the prevention of community displacement. By focusing on the preservation of existing NOAH, Affordable Upstate ensures that low- and moderate-income renters have access to safe, decent, and affordable housing options within their own community." GHF is honored to partner with Affordable Upstate on two NOAH developments with a third on the horizon.