#United States #Elk Grove #Hudson Valley Property #Mosa Apartment Homes

Hudson Valley Property Group Expands Its California Holdings

Hudson Valley Property Group (HVPG), a prominent entity in affordable housing preservation, has announced a significant advancement in its mission to provide affordable housing options. The company has acquired the Mosa Apartment Homes, a newly constructed 387-unit multifamily rental community located at 10149 Bruceville Road, Elk Grove, California. This acquisition, finalized with a total investment of approximately $83.6 million, is strategically aimed at reinforcing HVPG's footprint in the Sacramento metropolitan area, a region known for its escalating housing costs and demand for affordable units.

Aiming for Long-Term Affordability

The newly acquired Mosa Apartment Homes comprises a 14-building garden-style community designed to accommodate a diverse spectrum of household income levels. Uniquely structured under three Low-Income Housing Tax Credit (LIHTC) partnerships, this property will ensure that 100% of its units remain affordable for the long term, supported by a comprehensive regulatory agreement. This strategic acquisition locks in affordability for a further 30 years, providing tenants with security and stability without the risk of displacement.

Moreover, about 8% of these units are backed by tenant-based vouchers, catering to various income levels, including 30%, 50%, 60%, and 80% of the area median income (AMI). Jason Bordainick, Co-Founder and Managing Partner at HVPG, expressed enthusiasm about this acquisition, highlighting its significance in extending long-lasting affordability to families in the region. He stated, “Mosa represents a meaningful expansion of our West Coast portfolio and preservation strategy.”

Meeting Community Needs

To enhance the living experience for its residents, HVPG will partner with Pacific Housing, Inc., a California-based nonprofit organization. This partnership ensures the implementation of on-site support services, which will include afterschool and teen programming, adult education and skill-building classes, and personalized service coordination to connect residents with community resources.

Mosa offers an array of amenities designed to improve the quality of life for its residents. Facilities include an on-site management office, a computer room, a fitness center, a library, and units equipped with washers and dryers. Moreover, the property has taken steps toward sustainability with rooftop solar panels meant to reduce utility costs for tenants and minimize its carbon footprint.

A Broader Vision

This acquisition underscores HVPG's commitment to securing housing options for families amid climbing property prices on the West Coast. It is noteworthy that Mosa is only the second property acquired by HVPG in California, yet it forms part of a larger portfolio that includes 18,700 units across 99 properties in 13 states nationwide. HVPG's objective is to enhance the standard of living for residents in each of its properties while also establishing stable assets for investors.

The acquisition financing was facilitated through three Freddie Mac loans coordinated by Greystone, along with an equity commitment from Red Stone Equity Partners and public financial support from the California Municipal Finance Authority (CMFA) and the City of Elk Grove. This collaborative effort demonstrates a shared commitment among various stakeholders to address the pressing need for affordable housing.

In conclusion, with its strategic acquisition of Mosa Apartment Homes, Hudson Valley Property Group not only expands its investment portfolio but also affirms its dedication to creating sustainable, affordable living solutions for families in need. As urban regions continue to grapple with housing shortages and affordability crises, initiatives like HVPG’s stand as essential building blocks towards a more equitable housing landscape in America.