Hudson Valley Property Group announced the acquisition of Mosa Apartment Homes, a 387-unit affordable multifamily rental community in Elk Grove, California, for approximately $83.6 million.
The acquisition expands Hudson Valley Property Group’s California portfolio and advances the company’s strategy of preserving long-term affordable housing across high-cost West Coast markets. Completed in 2025, Mosa Apartment Homes is a 14-building, garden-style family community structured across three Low-Income Housing Tax Credit partnerships. The property serves households across multiple income levels, with restrictions spanning 30%, 50%, 60%, and 80% of area median income.
Approximately 8% of the units are supported by tenant-based vouchers, and affordability protections at the property have now been extended for an additional 30 years. Hudson Valley Property Group said that no residents will be displaced through the transaction.
The acquisition was financed through three Freddie Mac loans originated by Greystone. Tax credit equity was provided by Red Stone Equity Partners, while public finance support was facilitated by the California Municipal Finance Authority and the City of Elk Grove.
Hudson Valley Property Group will partner with Pacific Housing, Inc. to provide operational oversight and resident-centered programming. Pacific Housing will serve as the Managing General Partner and provide on-site services including afterschool and teen programming, adult education and skill-building classes, and individualized service coordination.
The property also includes an on-site management office, fitness center, computer room, library, in-unit washers and dryers, and rooftop solar panels designed to reduce tenant utility costs and the property’s environmental footprint.
Mosa Apartment Homes is Hudson Valley Property Group’s second California property. Nationally, the company has preserved approximately 18,700 units across 99 properties in 13 states.
KEY QUOTE:
“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. By stepping into ownership shortly after completion, we are helping ensure that 387 families benefit from a quality, well-managed home with long-term affordability protections for decades to come. We are grateful to our partners at the City of Elk Grove and the California Municipal Finance Authority for their support of this important transaction.”
Jason Bordainick, Co-Founder And Managing Partner, Hudson Valley Property Group
