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ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

Housing Partnership Equity Trust

Total Assets Under Management: $100 – 499M
Asset Class: Real Estate
Primary UN Sustainable Development Goal: 11 – Sustainable Cities & Communities
Housing & Community Development

Firm Overview

Category: Real Estate

Housing Partnership Equity Trust (“HPET”) is a social purpose REIT that acquires and preserves affordable and workforce housing in partnership with leading nonprofit housing owners and operators throughout the United States. HPET was started by 13 nonprofit partners to create a new vehicle to attract impact capital to preserve affordable housing. Today, HPET’s 15 nonprofit partners include 14 of the nation’s largest affordable housing developers and operators who own a combined portfolio of over 100,000 units in 39 states and the District of Columbia. To date, HPET has preserved 3,105 units. HPET REIT provides investors with a triple bottom line return, and on average, our apartments are affordable to families earning 55% of the area median income.

Firm Headquarters: US & Canada
Years of Operation: 5 – 9 years
Total Assets Under Management:
$100 – 499M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: 50% – 99%
Investment Thesis:

Housing Partnership Equity Trust works collaboratively with our nonprofit partners to acquire and preserve affordable and sustainable rental housing to positively impact the lives of our residents and our communities.

Investment Overview:

Through our mission, HPET REIT provides investors with a triple bottom line return.

  1. Economic Return: By creating and realizing value from acquiring, improving, operating and, in some cases, selling real estate for a good risk-adjusted return.
  2. Mission Return: By preserving affordable and workforce housing that improves social outcomes. 
  3. Environmental Return: By purchasing energy efficient properties and making energy efficiency improvements to older properties.
Company Differentiator:

Housing Partnership Equity Trust (“HPET”) is a mission first social-purpose real estate investment trust that enables 14 of the nation’s largest nonprofit housing organizations to leverage private capital to address a critical social need for affordable workforce housing. HPET is set apart from our competitors by our partnership with nonprofit developers, our focus on mission, and by the fact that our portfolio serves a much lower income population (55% of area median income on average) without relying on deep government subsidy. HPET focuses on longer term preservation strategies customized for the needs of the individual communities we serve and properties we acquire.

Investment Example

In 2016, HPET partnered with AHC Inc. to acquire the Dunfield Townhomes, a 312-unit apartment community in a thriving neighborhood in Baltimore County, Maryland with strong local employment, anchor institutions, retail, good schools, and transportation. HPET and AHC obtained 78 Project-Based Section 8 vouchers from Baltimore County, making it the County's first meaningful investment assisting low-income families living in areas of opportunity-places with low poverty rates, relatively high home values, and relatively strong school test results. 

At acquisition, the team replaced window sealing to improve insulation and mitigate energy waste, installed firestops in kitchens, and constructed a new leasing center to centralize the property’s operations and house a fitness studio for residents. The property has maintained average rents below the 60% AMI level and is 95% occupied. 

Leadership and Team

Cumulative Leadership Experience in Investing:
30 years or more
Cumulative Impact Experience of Top Three Firm Leaders:
30 years or more
Anne McCulloch – President & CEO More Info

Ms. McCulloch joined HPET in April 2017. As the Company’s Chief Executive Officer, Ms. McCulloch is responsible for all aspects of the Company’s business and operations. Ms. McCulloch was previously Fannie Mae’s Senior Vice President for Credit and Housing Access with responsibility for expanding Fannie Mae’s business in emerging multicultural markets and expanding consumer access to sustainable mortgage credit and affordable housing. During her 18 year career at Fannie Mae, Ms. McCulloch was also Deputy General Counsel for Fannie Mae’s Multifamily Mortgage Business. In this role she provided leadership and legal advice across every aspect of multifamily housing ownership and finance, managing a 31 person legal team with responsibility for a $200 billion book of rental housing debt and equity investments.

Daniel Cunningham – Chief Investment Officer More Info

Mr. Cunningham joined HPET in July 2019 as Chief Investment Officer. He is responsible for HPET’s real estate portfolio strategy and execution, leading the deployment of capital in multifamily housing and working with HPET’s partners in the selection, acquisition, and management of properties. Prior to joining HPET, Mr. Cunningham served for six years as Senior Vice President at PNC Real Estate in Washington, D.C. where he oversaw all loan originations for East Coast-based owners and developers of multifamily properties. From 2008 to 2012, he was Vice President in the real estate investment group of ULLICO, Inc., Silver Spring, Maryland, overseeing originations, portfolio management, real estate owned, workouts, and asset surveillance.

Matt Glatting – Executive Vice President Finance and Investor Relations More Info

Mr. Glatting joined HPET in April 2019 as Executive Vice President, Finance and Investor Relations. Mr. Glatting is responsible for HPET’s financial strategy and capital raising efforts. Prior to joining HPET, Mr. Glatting served as Treasurer of Capital Impact Partners, a national community development financial institution that has deployed over $2.7 billion to serve more than 5 million people and create more than 37,000 jobs in sectors critical to building equitable communities. Earlier, Mr. Glatting worked in the finance department at Calvert Impact Capital and as an investment analyst at Prudential Capital Group.

Percentage of Investment Professionals who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
50% or more
Percentage of Management Team who are Women and/or Under-Represented Groups in Firm's Geographic Focus:
50% or more

Financial Performance

Target Financial Returns Relative to Benchmark:
Near-market Rates
Actual Performance Relative to Target Financial Returns in the Past Three Years:
In line with initial target returns
Financial Reporting Frequency to Investors or Donors

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
Primary Impact Outcomes:
Addressing climate change and environmental issues
Alleviating poverty
Increasing access to education and improving educational outcomes
Value-added Services Offered:
Access to markets
Financial literacy training
Technology training
Education services

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:

As a condition of the Ford Foundation's investment in HPET, HPET agreed that the company will target a portion of the company's investments in areas of opportunity that will provide our residents with the opportunity to better their lives and enhance their economic well-being and agreed to avoid areas with a concentration of poverty. Additionally, HPET’s LLC agreement requires that our investments meet certain social impact requirements as summarized in five distinct Project Guideline Requirements. As part of our screening process, we ensure that each investment qualifies under at least one of the requirements.

Investments systematically include social and environmental sustainability practices in the due diligence process:

HPET is dedicated to the preservation of naturally occurring affordable housing, while working to improve the sustainability of our operations and properties through a focus on environment, social, and governance (ESG) factors. At acquisition, HPET conducts an energy audit and implements a tracking system for energy and water usage, which supports planning of further initiatives to reduce consumption. Across the portfolio, HPET has invested nearly $40M in property improvements, which prioritize energy-efficient technology upgrades and retrofits, including the installation of ENERGY STAR® appliances, implementing submetering, replacing doors and windows to improve insulation, and installing water-efficient toilets, showerheads, and faucets. 

HPET strategically selects properties that will maximize the social benefits to our residents. Every property is located near retail, a job center, and Head Start program. Nearly all properties offer access to public transit and are within two miles of a community health center, grocery shopping, banking institutions, and public parks.

Impact Tracking and Monitoring

Impact is Tracked:
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes – to the public
Third Party Validations:
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing

Learn More

Key Contact Name: Matt Glatting
Phone: (202) 796-9271
Mailing Address:

820 First Street NE, Suite 760, Washington, DC 20002

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