Hudson Valley Property Group (HVPG), a leading affordable housing preservation company, has acquired a 22-property portfolio with 4,768 units.
The deal involves properties in four Western states—13 in Washington, seven in Colorado, and one each in California and Idaho. Officials said the properties are concentrated in the Denver, Seattle, and Spokane, Washington, metro areas. The properties are subject to low-income housing tax credit (LIHTC) rent restrictions, and tenants must be income qualified earning no more than 60% of the area median income (AMI).
HVPG acquired the portfolio from Inland Group in a joint-venture partnership with Wheelock Street Capital, a private real estate investment firm with offices in Greenwich, Connecticut; Boston; and Los Angeles. Wheelock provided the majority of the equity capital out of its Long Term Value Fund. Goldman Sachs served as financial adviser to the seller, and Newmark served as the broker.
“The acquisition of these properties represents a landmark achievement for our firm, expanding our reach to 87 communities with 15,414 units across the Northeast, Midwest, Mid-Atlantic, Southeast, and West,” said Jason Bordainick, co-founder and managing partner of HVPG. “Our strong relationships with community stakeholders, built on trust and collaboration, along with our deep industry expertise, have been the cornerstone of our efforts to preserve and elevate the nation’s affordable housing stock. 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.”
HVPG officials said they plan to make physical improvements and implement the firm’s Community Enhancement Program across the 22 properties. This initiative aims to foster vibrant, responsible, and safe communities through site-specific emergency plans, active collaboration with local police departments, and enhanced, high-definition monitoring systems providing sitewide coverage.
The firm added that it has entered partnerships with housing agencies, such as the Washington State Housing Finance Commission and the Colorado Housing and Finance Authority, as well as nonprofits, including Hearthstone Housing Foundation and Horizon Housing Alliance, to pursue improvements to safety and quality of life and seek to ensure long-term affordability for residents.
