On Monday, Hudson Valley Property Group (HVPG), a national company focused on preserving affordable housing, announced the acquisition of a 22-property portfolio in the western United States from Inland Group. The sale price was not disclosed.
The portfolio consists of 4,768 units spread across 13 properties in Washington, seven in Colorado, one in California and one in Idaho. It is primarily concentrated within the Denver, Seattle and Spokane metro areas. These properties are subject to low-income housing tax credit rent restrictions and tenants must meet income qualifications.
HVPG acquired this portfolio through a joint venture partnership with Wheelock Street Capital providing majority equity capital. Goldman Sachs acted as financial advisor for Inland while Newmark brokered the transaction.
According to Jason Bordainick, co-founder and managing partner of HVPG: “This acquisition marks an important milestone for our company as it expands our presence to now include 87 communities with over 15,000 units throughout various regions including Northeastern U.S., Midwest U.S., Mid-Atlantic U.S., Southeastern U.S., and now Western U.S.”
Pictured above is Copper Mountain Apartments located in Richland WA.
