Global Asset Management Group Signs Letter of Intent for 11-Property Affordable Housing Portfolio in Washington, D.C.

Detailed summary

Management's preliminary assessment indicates an aggregate portfolio value of approximately $100 million; proposed business plan focuses on rehabilitation, stabilization, and…

Management's preliminary assessment indicates an aggregate portfolio value of approximately $100 million; proposed business plan focuses on rehabilitation, stabilization, and long-term income generation.

ROCKVILLE, Md., Nov. 12, 2026 /PRNewswire/ -- Global Asset Management Group, Inc. (OTCQB: GAMG) ("GAMG" or the "Company") today announced that it has signed a letter of intent (LOI) with Madison Investments LLC and its principals to pursue the recapitalization, rehabilitation and stabilization of an 11-property multifamily housing portfolio in Washington, D.C.

The proposed transaction involves an 11-property Section 8 affordable housing portfolio in Washington, D.C., associated with SOLID Housing Inc., an independent 501(c)(3) nonprofit organization, with property-specific ownership and title matters subject to ongoing due diligence. Management's preliminary assessment indicates an aggregate portfolio value of approximately $100 million, subject to due diligence, property-level valuation and other transaction considerations. The proposed transaction is designed to improve property conditions, increase occupancy and strengthen long-term operating performance while preserving affordable housing opportunities for residents.

Under the LOI, GAMG intends to lead, subject to definitive agreements and applicable approvals, the capitalization, financing, rehabilitation and asset management strategy for the portfolio. The business plan includes property improvements, leasing initiatives and potential refinancing through U.S. Department of Housing and Urban Development programs or other permanent financing sources.

"Washington, D.C., faces a critical shortage of quality affordable housing, and we believe private-sector investment can play an important role in addressing that need," said Richard Balles, chairman and CEO of GAMG.

The parties intend to move promptly toward definitive agreements and property-specific closings, with a current target of approximately 45 to 60 days for…

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