Real Estate Acquisition: Tax Credit Group Acquired by CBRE Group, Inc, to Operate as CBRE Affordable Housing

The nation's leading provider of advisory, investment sales, debt and structured finance, and research services to owners of Affordable Housing (including Section 42 and Section 8 housing) Tax Credit Group has been acquired by CBRE Group, Inc.

            "The acquisition of TCG is a strategic move that adds a new capability to our capital markets offering-affordable housing services and improves our ability to meet the full spectrum of real estate investor needs," said Chris Ludeman, global president, Capital Markets, CBRE. "We are excited that Robert and his colleagues have joined CBRE and look forward to the benefits that our combined offering will provide to our professionals and clients."

            According to the press release of CBRE in Business Wire, TCG is the first national investment sales firm that was established mainly to provide transaction services to owners of affordable multi-family properties. The firm is also the first in the market in valuation and sale of affordable properties that carry tax credits, and has executed more than $10 billion in sales and financing across the country. TCG has more than 50 professionals within its rank and is led by Robert Sheppard, Armand Tiberio, Spencer Hurst, and Jeff Arrowsmith.

            "TCG's success is a testament to the trust and support of our clients and the great people who are part of our team. This has allowed us to become the industry leader in affordable housing advisory services," said Robert Sheppard, who will lead CBRE Affordable Housing. "CBRE provides us the platform to execute on our vision of providing the full suite of investment capital and services to our affordable housing clients. We will be able to fully integrate our affordable-housing expertise with these new capabilities, which will substantially improve our service offerings for our clients."

            With the acquisition of TCG by CBRE, investors in the affordable housing industry can now enjoy CBRE's suite of integrated service offerings investment sales, debt and structured finance, investment banking, and valuation services.