Mosa Apartment Homes in Elk Grove, California.
Hudson Valley Property Group has acquired Mosa Apartment Homes, a 387-unit affordable housing community in Elk Grove, California, in an $83.6 million transaction that expands the firm’s presence in the Sacramento metropolitan area and deepens its push into long-term affordable housing preservation on the West Coast.
The newly built property, located at 10149 Bruceville Road, was completed in 2025 and consists of 14 garden-style residential buildings serving a range of income-restricted households. The acquisition includes the assumption of existing permanent debt and the purchase of general partner interests across three Low-Income Housing Tax Credit partnerships tied to the development.
The deal reflects a growing trend among affordable housing investors targeting recently delivered LIHTC communities in addition to older preservation assets. As construction financing pressures and long-term compliance obligations reshape the affordable housing landscape, institutional preservation firms have increasingly looked to stabilize ownership structures shortly after project completion while extending affordability commitments.
As part of the acquisition, affordability protections at Mosa will remain in place for an additional 30 years, according to HVPG. The company said no residents will be displaced through the transaction.
“Mosa represents a meaningful expansion of our West Coast portfolio and preservation strategy, extending our work to safeguarding affordability at newly delivered communities in addition to repositioning legacy properties,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group.
The property serves households earning between 30% and 80% of area median income, with roughly 8% of units supported by tenant-based housing vouchers. The layered affordability structure reflects the increasingly complex financing models commonly used in California affordable housing developments, where rising land, labor and construction costs have intensified reliance on tax credits, public financing tools and subsidy programs.
The acquisition financing included three Freddie Mac loans originated by Greystone, while tax credit equity was provided by Red Stone Equity Partners. Public finance support came through the California Municipal Finance Authority and the City of Elk Grove.
HVPG said it will oversee operations in partnership with California nonprofit Pacific Housing, Inc., which will serve as managing general partner and coordinate resident services. Those programs will include afterschool activities, teen programming, adult education and individualized resident support services.
The project also incorporates several operational and sustainability features increasingly common in newer affordable housing developments, including rooftop solar systems intended to reduce utility expenses for tenants, along with on-site amenities such as a fitness center, library, computer room and in-unit laundry.
The acquisition gives HVPG its second California property as the company continues expanding beyond its traditional Northeast footprint into high-cost Sunbelt and West Coast housing markets where affordability pressures remain acute. Sacramento-area multifamily markets have drawn increasing institutional attention in recent years due to population growth, constrained housing supply and relative affordability compared with coastal California metros.
Affordable housing preservation firms have become more active buyers nationally as many LIHTC properties approach compliance deadlines and public agencies seek long-term ownership partners capable of maintaining affordability while managing rising operational costs. Investors with access to agency financing and tax credit expertise have increasingly treated affordable housing as a defensive infrastructure-oriented asset class tied to persistent demographic demand.
HVPG said it has preserved approximately 18,700 affordable housing units across 99 properties in 13 states.