PORTLAND, OR – Guardian, a Pacific Northwest leader in multifamily operations, development, and investment, announced the closing of a landmark $497 million portfolio acquisition spanning Oregon and New Mexico.
The acquisition represents Guardian s largest single transaction to date and one of the largest in the United States for 2025. In total, 15 properties and 3,050 units were bought, all built after 2000, characterized by historically high occupancy and low turnover. Each property in the portfolio is a post-15 LIHTC community at risk of conversion to market rate. The profile perfectly matches Guardian s mission to preserve affordability for the long term. Demonstrating that commitment, Guardian will voluntarily convert a part of existing market-rate units to 60% AMI, further strengthening affordability for working families.
This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing,” said Tom Brenneke, President, Guardian. “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.
Guardian completed the transaction in two separate phases. The first phase included two Portland-area properties totaling 310 apartment homes, completed with institutional capital partner AEW. The second phase included 13 properties and 2,740 units throughout the Portland, Oregon and Albuquerque, New Mexico metro regions in a venture with NEF and JPMorgan Chase. Working closely with state regulatory agencies, Guardian secured approvals of ownership transfers under an accelerated timeline, ensuring long-term stability for residents.
At NEF, we remain committed to connecting people, providing innovative capital solutions and investing in brighter futures, said Daryl Shore, senior vice president of structured finance at National Equity Fund. Our integrity and stability as an organization stem directly from developing deep, meaningful relationships with our partners, which allows us to push boundaries and engage across every aspect of the multifamily affordable housing space through a mission-oriented, socially impactful approach.
The investment significantly expands Guardian s footprint while solidifying its presence in Oregon and establishing a meaningful entry into New Mexico. The properties bought will remain affordable for current and future residents, reinforcing Guardian s mission as a steward of long-term housing preservation.
Guardian has always believed that stability in housing makes stability in lives, said Brenneke. This acquisition represents the type of large-scale, mission-driven investment we will continue to pursue in partnership with like-minded organizations, ensuring families across the Northwest and Southwest have access to safe, stable, affordable homes.

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HOUSTON, TX – Sixth Street Real Estate and Madera Residential announced the formation of a new joint venture focused on multifamily properties throughout Texas and the Southeast, which was initiated with the recapitalization of a six-property, 1,967-unit, Class A portfolio located in Houston, Texas (the Seed Portfolio ).
The Seed Portfolio encompasses six multifamily communities strategically positioned across Houston. The portfolio includes Domain at CityCentre, The Lofts at CityCentre, La Maison River Oaks, Chelsea Museum District, Vantage Med Center and The Montrose at Buffalo Bayou.
We are excited to partner with the Madera Residential team to identify and buy high-quality assets in high growth markets at a discount to underlying replacement cost and positioning them for long-term growth said Adam Rapport at Sixth Street.
The partnership between Madera Residential and Sixth Street marks a strategic shift for Madera, expanding beyond its traditional network of high-net-worth investors to also include institutional joint venture partners.
The combination of our local expertise with Sixth Street s institutional backing makes a compelling partnership poised to capitalize on the region s strong fundamentals and we look forward to continued collaboration , said James Kane at Madera Residential.
KingsRock Advisors, CommerceStreet Capital Dallas, and CBRE Debt and Structured Finance Dallas served as Madera Residential s advisors on the recapitalization of the portfolio and formation of the Joint Venture. Kirkland and Ellis served as legal counsel to Madera and Latham & Watkins represented Sixth Street.

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SAN MATEO COUNTY, CA – Affirmed Housing, a leading provider of affordable housing throughout California, announced that construction has commenced on Monarch at Redwood, a new, $70.4M, affordable housing community located in the North Honest Oaks neighborhood. Once completed, Monarch will feature 86 sustainably conscious apartment homes with onsite services and amenities for households earning less than 60 percent of the area median income.
I m so proud that Monarch at Redwood is in my district and in my backyard! In a region where affordability is becoming increasingly rare, this project shows what s possible when the County, community, and development partners come together with shared values and purpose, said San Mateo County District 4 Supervisor Lisa Gauthier.
Monarch will be a six-tale development with thoughtfully designed studio, one-, two- and three-bedroom apartment homes. Of the total 86 apartments, 39 are designated Permanent Supportive Housing (PSH) for residents participating in Healthy Housing California (HHC) and Mental Health Services Act (MHSA) programs, ensuring critical housing access for those most in need.
Our goal with Monarch is to strengthen North Honest Oaks by providing housing and support that allow residents to stay close to friends, schools, and the local businesses, keeping the heart of the community vibrant and inclusive, said Jimmy Silverwood, president at Affirmed Housing. This project will make homes where people can truly place down roots. We re grateful to all our partners who share this vision and help make it possible.
Promoting energy efficiency and affordability, each home will be equipped with Energy Star-rated appliances, and rooftop photovoltaic panels will help offset the property s utility costs. Several shared amenities will be featured throughout the property, including secure bike storage, parking spaces, and a welcoming lobby with a mail room, all situated on the building s ground level. On-site laundry facilities are located throughout the building, and a landscaped courtyard and a community room provide space to host gatherings and events. Signature to Affirmed Housing projects, Monarch is placed within a high resource area, allowing residents simple access to off-site amenities, such as public transit, grocery stores, restaurants, and retail businesses.
In addition to housing, Monarch residents will have exclusive access to adult education programs focused on job training, career development, and health and wellness. Those experiencing mental and physical health challenges will have access to dedicated on-site service coordinators and a robust network of wrap-around supportive services provided in partnership with local organizations, like the Mental Health Association of San Mateo County (MHA).
Funding for Monarch comes through a collaboration of key financing partners, including Lument, Redstone Equity Partners, First Citizens Bank, the County of San Mateo, Housing Trust Silicon Valley, Corporation for Supportive Housing, the California Debt Limit Allocation Committee (CDLAC) and the California Tax Credit Allocation Committee (CTCAC).
Affirmed Housing s development partners for Monarch include HA Builder Group, Van Meter Williams Pollack, BKF Engineers, DCI Engineers and Jett Landscape Architecture + Design.

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