Hudson Valley Property Group (HVPG), a New York City-headquartered affordable housing preservation company, has acquired a 22-property portfolio spanning four states and comprising 4,768 units.
The portfolio acquired includes 13 properties in Washington, seven in Colorado, one in California and one in Idaho – concentrated significantly in the Denver, Seattle and Spokane metro areas. HVPG acquired the portfolio from Inland Group in a joint venture partnership with Wheelock Street Capital, a private real estate investment firm that provided the majority of the equity capital out of its Long Term Value Fund. The financial terms of the transaction were not disclosed.
The acquired properties are subject to low-income housing tax credit (LIHTC) rent restrictions and tenants must be income qualified earning no more than 60% of area median income (AMI). HVPG plans to make physical improvements and implement the firm’s Community Enhancement Program across the properties.
“The acquisition of these properties represents a landmark achievement for our firm, expanding our reach to 87 communities with 15,414 units across the Northeast, Midwest, Mid-Atlantic, Southeast and West,” said Jason Bordainick, HVPG co-founder and managing partner. “Our strong relationships with community stakeholders, built on trust and collaboration, along with our deep industry expertise, have been the cornerstone of our efforts to preserve and elevate the nation’s affordable housing stock. We remain focused on our mission to make investments that both improve the performance of the assets and enhance the quality of life for our residents.”
“The acquisition is Wheelock’s second partnership with HVPG and first investment in affordable housing out of the Wheelock Street Long Term Value Fund permanent capital vehicle,” added Jeffrey Laliberte, partner and head of acquisitions for Wheelock Street Capital. “Wheelock’s stable capital will aid in preserving the long-term rental affordability for the residents of the 22 properties.”
