Hudson Valley Property Group Acquires Mosa Apartment Homes in Elk Grove California
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 related to the transaction are approximately $83.6 million, inclusive of the assumption of permanent debt. The acquisition expands HVPG’s California portfolio and advances its preservation mission in high-cost West Coast markets.
Completed in 2025, Mosa is a 14-building, garden-style family community with a mix of unit types. The property is organized across three Low-Income Housing Tax Credit partnerships, each subject to its own regulatory agreement covering 100 percent of units. HVPG acquired the general partner interests in all three partnerships. Approximately 8 percent of units are supported by tenant-based vouchers, and income restrictions at the property span 30, 50, 60 and 80 percent of area median income. 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.”
Financing for the acquisition included three Freddie Mac loans originated by Greystone, tax credit equity from Red Stone Equity Partners, and public finance support facilitated by the California Municipal Finance Authority and the City of Elk Grove. HVPG will deliver operations and resident-centered programming through a partnership with California-based nonprofit Pacific Housing, Inc., which will serve as Managing General Partner and provide on-site services such as afterschool and teen programming, adult education and skill-building classes, and individualized service coordination.
Mosa’s resident 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 panels power the residential units, reducing tenant utility costs and the property’s carbon footprint.
This marks HVPG’s second property in California. Across its national portfolio, the firm has preserved 18,700 units across 99 properties in 13 states. The transaction illustrates a preservation approach that integrates affordable housing finance, nonprofit partnerships, and operational programming to maintain long-term affordability and resident services in newly developed communities.