Dive Brief:
- Affordable housing preservation company Hudson Valley Property Group announced on Monday the acquisition of a 22-property portfolio comprising 4,768 units across the western United States from Spokane, Washington-based Inland Group, in a release shared with Multifamily Dive.
- The portfolio includes 13 properties in Washington, seven in Colorado, one in California and one in Idaho. Those assets, all under low-income housing tax credit rent restrictions, are concentrated in the Denver, Seattle and Spokane, Washington, metro areas. Goldman Sachs served as the financial advisor to Inland, while Newmark served as the broker for the portfolio transaction.
- New York City-based HVPG acquired the properties in a joint venture partnership with Greenwich, Connecticut-based private real estate investment firm Wheelock Street Capital, which provided the majority of the equity capital out of its Long Term Value Fund.
Dive Insight:
With the acquisition, HVPG owns 87 communities with 15,414 units across the Northeast, Midwest, mid-Atlantic, Southeast and West, according to the release.
HVPG plans to make physical improvements and implement its community enhancement program, which provides site-specific emergency plans, active collaboration with local police departments and monitoring systems for properties across the portfolio.
In an effort to preserve affordability at the properties, HVPG has entered partnerships with local housing authorities and other nonprofit organizations to improve safety and quality of life. The firm will look to maintain or expand resident services programming and amenities at the sites.
“We remain focused on our mission to make investments that both improve the performance of the assets and enhance the quality of life for our residents,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group, in the release.
The HVPG announcement comes less than a month after another significant apartment transaction involving properties in the Western states.
In November, New York City- and Los Angeles-based Standard Communities acquired a 100% affordable housing portfolio of over 6,000 apartment homes in more than 60 communities in four states. With the purchase of the portfolio, valued at over $1 billion, Standard entered Arizona, Colorado and Texas and grew its California portfolio to nearly 11,000 apartments.
The properties, most developed by the sellers, were built, on average, in 2002. Standard will invest over $30 million in capital improvements and deferred maintenance across the portfolio while vowing not to displace any residents.
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