Hudson Valley Property Group Acquires 22-Property Portfolio Across the Western United States

The 4,768-unit affordable housing properties are located across CA, CO, ID and WA

SEATTLE, Dec. 9, 2024 /PRNewswire/ -- Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, has announced the acquisition of a 22-property portfolio comprising 4,768 units across the western United States. With this acquisition, the properties transition to HVPG ownership, seeking to ensure residents benefit from the high standards of living and affordability displayed across the firm's entire portfolio.

The portfolio acquired includes properties in four western states—thirteen in Washington, seven in Colorado, one in California and one in Idaho—concentrated significantly in the Denver, Seattle and Spokane metro areas. The 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 22 properties. This initiative aims to foster vibrant, responsible and safe communities through site-specific emergency plans, active collaboration with local police departments and enhanced, high-definition monitoring systems providing sitewide coverage.

HVPG's commitment to preservation extends beyond physical improvements to preserving affordability amidst rising market rates. HVPG has entered partnerships with local Housing Authorities, such as the Washington State Housing Finance Commission and Colorado Housing and Finance Authority, and other nonprofit organizations, such as Hearthstone Housing Foundation and Horizon Housing Alliance, to pursue improvements to safety and quality of life and seek to ensure long-term affordability for residents. HVPG will look to maintain and/or expand resident services programming and amenities at the sites as they've done across their existing portfolio.

HVPG acquired the portfolio from Inland Group in a joint venture partnership with Wheelock Street Capital, a private real estate investment firm with offices in Greenwich, CT, Boston, and Los Angeles. Wheelock provided the majority of the equity capital out of its Long Term Value Fund. Goldman Sachs served as financial advisor to the seller, and Newmark served as the broker.

"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, co-founder and managing partner of Hudson Valley Property Group. "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," said 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."

HVPG has expanded to the Midwest and now the West, while increasing its footprint in the Mid-Atlantic and Southeast. HVPG's portfolio spans 12 states, attempting to further the firm's mission of addressing the nation's housing shortage by providing affordable, sustainable community assets that residents are proud to call home.

About Hudson Valley Property Group (HVPG)

Hudson Valley Property Group (HVPG) seeks to preserve and elevate the quality of affordable housing in the United States. HVPG acquires existing affordable, multifamily properties and strategically invests capital to improve the physical, financial and social vitality of each home. With improved operations and enhanced service offerings, HVPG properties aim to deliver a better standard of living for its residents and stable investment assets. To date, HVPG has preserved over 17,170 units across more than 97 properties. For more information, visit: https://hudsonvalleypropertygroup.com/

About Wheelock Street Capital

Wheelock Street Capital L.L.C. is a private real estate investment firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul, two veteran real estate private equity investors, each with over 30 years of broad real estate transaction experience across all major asset classes. Wheelock has assembled a premier investment and asset management team and produced a 10-year+ track record of demonstrated and consistent outperformance over industry benchmarks. Since inception, Wheelock has raised eight funds, representing over $5 billion in capital commitments and has deployed over $11 billion in total value on behalf of well-known institutional investors. This includes $1.2 billion and $1.2 billion of capital that the Firm is currently deploying in its opportunistic/value-add vehicle and open-end long-term value vehicle, respectively.

Contact:
Jennifer Cullen
Prosek Partners for Hudson Valley Property Group
[email protected]

SOURCE Hudson Valley Property Group