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. “Our objective is to improve these properties for residents while establishing a financially sustainable real estate operation designed to create long-term value for our shareholders.”
The parties intend to move promptly toward definitive agreements and property-specific closings, with a current target of approximately 45 to 60 days for definitive documentation and the broader transaction process. This timeline is a target only and remains subject to satisfactory due diligence, lender approvals, ownership requirements, financing arrangements and other applicable closing conditions. Individual properties may close sooner if applicable closing conditions are satisfied.
As of the date of this release, GAMG has not acquired the portfolio, and no property acquisition or recapitalization contemplated by the LOI has closed.
SOLID is not a party to the LOI and will remain an independent nonprofit organization; SOLID itself is not being acquired by GAMG. Except for specified binding provisions, including exclusivity, the LOI is nonbinding and does not obligate GAMG or the Madison parties to complete the transaction. Completion of any proposed acquisition, recapitalization or other transaction remains subject to satisfactory due diligence, definitive agreements, financing, lender and regulatory approvals and other applicable conditions.
About Global Asset Management Group, Inc.
Global Asset Management Group, Inc. is a diversified asset management and holding company focused on acquiring, developing, and managing operating businesses, real estate, and other strategic assets. The Company seeks opportunities where experienced management, strategic capital, operational improvement, and long-term ownership can contribute to sustainable enterprise value.
For additional information, visit www.gamg.us and review the Company’s public filings and disclosures.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable federal securities laws. These statements include, among others, statements regarding the proposed transactions involving the Washington, D.C. multifamily portfolio; the negotiation and execution of definitive agreements; potential property-specific closings; the anticipated timing of any transactions; GAMG’s ability to arrange financing or capitalization; rehabilitation, leasing and stabilization initiatives; potential HUD or other permanent financing; anticipated property values, operating performance and profitability; and GAMG’s broader growth and acquisition strategies.
Forward-looking statements are based on current expectations, estimates and assumptions and involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. There can be no assurance that definitive agreements will be executed, that financing or required approvals will be obtained, that any property or transaction will close within the anticipated timeframe or at all, that the portfolio will achieve the estimated value or anticipated operating performance, or that the proposed rehabilitation, stabilization or financing strategies will be successfully completed.
Management’s preliminary estimate of approximately $100 million in portfolio value is subject to further due diligence, independent verification, appraisals, market conditions, and financial analysis. This estimate does not represent a confirmed fair market valuation, an independent appraisal, a final purchase price, or assets currently recognized on the Company’s balance sheet.
The proposed business plan is subject to risks involving capital availability, financing terms, rehabilitation costs, construction delays, unforeseen property conditions, occupancy levels, tenant retention, operating expenses, interest rates, and real estate market conditions. Potential financing through U.S. Department of Housing and Urban Development programs or other sources remains subject to eligibility, underwriting, approvals, and funding availability. Additional uncertainties include Section 8 program requirements, affordable housing restrictions, tenant protections, government funding, regulatory compliance, and changes in federal or local housing policies.
The Company’s ability to execute its strategy also depends on economic conditions, access to capital, management performance, and successful operation of acquired assets. Future financing may involve additional indebtedness or equity issuance, potentially increasing financial obligations or diluting existing shareholders. There can be no assurance that the proposed transaction will generate anticipated revenues, profitability, cash flow, asset appreciation, or increased shareholder value.
Investors should not place undue reliance on these forward-looking statements and are encouraged to review GAMG’s filings with the U.S. Securities and Exchange Commission, including applicable risk disclosures and financial statements. Forward-looking statements speak only as of the date of this release. Except as required by law, GAMG undertakes no obligation to update or revise these statements as a result of new information, future events, or otherwise.
Website: https://www.gamg.us/
Facebook: https://www.facebook.com/globalassetmanagementgroup
X: https://x.com/GAMG_OTC
LinkedIn: https://www.linkedin.com/company/global-asset-management-group-gamg/
View original content to download multimedia:https://www.prnewswire.com/news-releases/global-asset-management-group-signs-letter-of-intent-for-11-property-affordable-housing-portfolio-in-washington-dc-302938190.html
SOURCE Global Asset Management Group
