SEATTLE — Hudson Valley Property Group (HVPG) has purchased a 22-property portfolio comprising 4,768 affordable housing units across the western United States. HVPG acquired the portfolio from Inland Group in a joint venture partnership with Wheelock Street Capital, which provided most of the equity capital out of its Long Term Value Fund. The sales price was not disclosed.
Goldman Sachs served as financial advisor to the seller. Newmark brokered the transaction.
The portfolio consists of 13 assets in Washington, seven in Colorado, one in California and one in Idaho. All the communities are subject to rent restrictions through the Low-Income Housing Tax Credit (LIHTC) program. The units are available to households earning 60 percent or less of the area median income.
HVPG plans to renovate all 22 communities and implement the firm’s Community Enhancement Program across the portfolio. Additionally, HVPG has formed partnerships with local housing authorities and nonprofit organizations to pursue safety and quality of life improvements at the properties, as well as ensure long-term affordability for residents. The properties were built between 1996 and 2020. However, the majority of the properties were delivered between 2010 and 2020.
Based in New York City, HVPG acquires existing affordable housing communities and invests capital to improve the physical, financial and social vitality of each residence. Since the company’s inception in 2010, HVPG has preserved about 17,170 units across 97 properties.
Wheelock Street Capital is a private real estate investment firm with offices in Boston, Los Angeles and Greenwich, Connecticut.