Hudson Valley Property Group Acquires Mosa Apartment Homes in Elk Grove Preserving Long Term Affordability

Hudson Valley Property Group (HVPG) has acquired Mosa Apartment Homes, a newly completed 387-unit affordable multifamily community at 10149 Bruceville Road in Elk Grove, California. Total project costs for the transaction are approximately $83.6 million, inclusive of the assumption of permanent debt. The acquisition expands HVPG's California presence and advances its preservation focus in high-cost West Coast markets.

Completed in 2025, Mosa is a 14-building, garden-style family community structured across three Low-Income Housing Tax Credit partnerships, each with its own regulatory agreement covering 100 percent of units. Income restrictions at the property span 30, 50, 60 and 80 percent of area median income. Approximately 8 percent of units are supported by tenant-based vouchers. As a result of the acquisition, affordability at Mosa is secured for an additional 30 years and 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. "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."

The acquisition was financed with 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.

HVPG will partner with California-based nonprofit Pacific Housing, Inc., which will serve as the Managing General Partner and deliver on-site resident services. Programming will include afterschool and teen initiatives, adult education and skill-building classes, and individualized service coordination to connect residents with community resources. Property amenities include an on-site management office, computer room, fitness center, library, in-unit washers and dryers, and advanced high-definition site monitoring. Rooftop solar supplies power to the residential units, helping reduce tenant utility costs and the property’s carbon footprint.

Mosa is HVPG’s second California property. Across its national portfolio, HVPG has preserved 18,700 units across 99 properties in 13 states. This transaction highlights a preservation strategy that pairs capital solutions, public finance partnerships, and resident-focused operations to maintain long-term affordability and property stewardship in high-cost regions.