Hudson Valley Property Group Acquires 387-Unit 'Mosa Apartment Homes' in Elk Grove, California

Hudson Valley Property Group (HVPG) has completed the acquisition of Mosa Apartment Homes, a newly-constructed 387-unit affordable multifamily rental community located in Elk Grove, California, for $83.6 million. The transaction, finalized on May 19, 2026, marks a significant expansion of HVPG's portfolio in California, particularly within the high-demand Sacramento metropolitan area.

Mosa Apartment Homes, which was completed in 2025, consists of 14 buildings and offers a diverse mix of unit types designed to accommodate a wide range of household income levels. The property is structured under three Low-Income Housing Tax Credit (LIHTC) partnerships, ensuring that all units are subject to regulatory agreements that maintain affordability for an additional 30 years. Approximately 8% of the units are supported by tenant-based vouchers, with income restrictions set at 30%, 50%, 60%, and 80% of the area median income (AMI). This structure not only secures long-term affordability but also aligns with HVPG's mission to provide quality housing solutions in high-cost markets.

The acquisition was financed through three Freddie Mac loans arranged by Greystone, with additional tax credit equity from Red Stone Equity Partners. Public finance support was facilitated by the California Municipal Finance Authority (CMFA) and the City of Elk Grove. This financial framework underscores the collaborative efforts between public and private entities to enhance affordable housing availability in California, a state facing significant housing challenges.

In addition to expanding its geographical footprint, HVPG aims to enhance the living experience for residents at Mosa through a partnership with Pacific Housing, Inc., a California-based nonprofit. This partnership will facilitate on-site services such as afterschool programs, adult education, and individualized service coordination, thereby fostering a supportive community environment. The property also features modern amenities, including an on-site management office, fitness center, and energy-efficient rooftop solar panels, which help reduce utility costs for residents and contribute to sustainability efforts.

The acquisition of Mosa Apartment Homes reflects broader trends in the real estate sector, particularly in the affordable housing market. As demand for affordable rental units continues to rise, especially in urban areas, strategic investments like HVPG's are essential for addressing housing shortages. This transaction not only enhances HVPG's portfolio but also reinforces the importance of preserving affordability in newly constructed communities, ensuring that families have access to quality housing for years to come. The ongoing commitment to affordable housing solutions is likely to drive further interest and investment in this sector as stakeholders seek to balance profitability with social responsibility.