ELK GROVE, CA – Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced its acquisition of Mosa Apartment Homes, a 387-unit, newly-constructed affordable multifamily rental community located at 10149 Bruceville Road in Elk Grove, California.
Total project costs related to this transaction are approximately $83.6 million, inclusive of the assumption of permanent debt. The acquisition expands HVPG’s growing California portfolio, advancing its mission to secure long-term, high-quality affordability across high-cost West Coast housing markets.
Completed in 2025, Mosa is a 14-building, garden-style family community offering a mix of unit types serving a broad range of household income levels. The property is structured across three Low-Income Housing Tax Credit (LIHTC) partnerships, each subject to its own regulatory agreement covering 100% of units, with HVPG acquiring the general partner interests in all three. Approximately 8% of units are further supported by tenant-based vouchers, and income restrictions span 30%, 50%, 60% and 80% of area median income (AMI). As a result of HVPG’s acquisition, affordability at Mosa is locked in 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 vital transaction.”
The acquisition was financed through three Freddie Mac loans originated by Greystone, with tax credit equity provided by Red Stone Equity Partners and public finance support facilitated by the California Municipal Finance Authority (CMFA) and the City of Elk Grove.
HVPG will focus on delivering operational excellence and resident-centered programming through a partnership with California-based nonprofit Pacific Housing, Inc. Pacific Housing will serve as the Managing General Partner in the transaction and will provide on-site residence services including afterschool and teen programing, adult education and skill-building classes, and individualized service coordination connecting residents to community resources. The property also features 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.
Mosa is HVPG’s second property located in California. Across its national portfolio, HVPG has preserved 18,700 units across 99 properties in 13 states.

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CHICAGO, IL – Equity Residential (NYSE: EQR) and AvalonBay Communities, Inc. (NYSE: AVB) announced a definitive agreement to combine in an all-stock merger of equals making one of the country’s leading real estate companies with the differentiated scale, capabilities, and balance sheet strength to expand margins, accelerate growth, and redefine leadership in rental housing. The new company will have a pro forma equity market capitalization of approximately $52 billion and a total enterprise value of approximately $69 billion, with more than 180,000 rental apartments.
Benjamin Schall, Chief Executive Officer and President of AvalonBay Communities, said, “This combination makes a new and fundamentally stronger company with differentiated capabilities that will drive structurally superior cash flow generation, earnings and dividend growth, and value for shareholders. As one of the country s leading developers of new apartments across our regions, we will directly increase the supply of both market rate and affordable housing. Drawing on the foundational strengths and industry-leading teams across both of our organizations, our ambition is to redefine leadership in rental housing for the benefit of residents, associates, and shareholders.
We are excited to partner with AvalonBay to continue Equity Residential s history of relentlessly seeking opportunities to make value for shareholders, said Mark J. Parrell, Equity Residential s President and CEO. The combined company s investors will benefit from accelerated growth from increased investment in operational innovation; a larger, self-funded development platform; and the variety of other value creation opportunities that world class scale affords. This, together with our similar cultures that prioritize exceeding the expectations of our employees and residents, positions the combined company to make exceptional value for its shareholders, customers and employees.
This is a transformative event in the apartment industry that will make long-term value for shareholders. By combining the two premier companies in the sector, we make a company with the size and scale to be a leading operator in the space as well as a major creator of new rental housing, said Steve Sterrett, Board Chair of the new entity and former long-time Chief Financial Officer of Simon Property Group. “Having spent decades helping build and lead one of the country’s fantastic real estate companies, I have a deep appreciation for what it takes to make enduring value in this industry, and I reckon the future prospects of this enterprise are tremendous.
Under the terms of the agreement, which has been unanimously approved by the Board of Directors of AvalonBay and the Board of Trustees of Equity Residential, AvalonBay shareholders will receive 2.793 shares of Equity Residential common stock for each share of AvalonBay common stock owned. Upon closing, AvalonBay shareholders will own approximately 51.2% and Equity Residential shareholders will own approximately 48.8% of the combined company on a fully diluted basis.
The transaction is expected to be completed in the second half of 2026, subject to shareholder approval by both AvalonBay and Equity Residential and satisfaction of other customary closing conditions. The transaction is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes.

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AUSTIN, TX – The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, alongside the Housing Authority of Travis County, announced the groundbreaking of a new 348-unit affordable housing community in Southeast Austin. The development will deliver quality housing near major job centers, retail and dining options, with a focus on thoughtfully-designed residences for working professionals and growing families. All units are reserved for households earning up to 60 percent of the Area Median Income (AMI).
Sanara is designed for families seeking attainable rents in well-connected neighborhoods, a demographic that is often underserved in today s market, said Max Whipple, Vice President of Development at The NRP Group. By prioritizing curated amenities and high quality finishes in a thriving commercial corridor, we are making housing that better reflects how people live today. Through our partnership with Travis County, we are delivering modern, well-designed homes where families can thrive and grow alongside the community for decades to come.
This project marks The NRP Group s first tax credit partnership with the Housing Authority of Travis County and its third collaboration overall with the agency, building on prior developments in the region. The partnership reflects a shared commitment to expanding affordable housing options in high-growth areas across the county.
Located at 4401 E. Slaughter Lane, the development will span 13 three-tale residential buildings across a 56-acre site, with approximately 18 acres dedicated to residential use. The remaining land, designated as floodplain, will be dedicated to the City of Austin Parks Department and is plotted to connect to a broader network of trails across East Austin.
Situated less than 10 minutes from Interstate 35 and approximately 15 minutes from State Highway 130, the new development will offer residents convenient access to major employment hubs, including Tesla s Gigafactory and Samsung s semiconductor facilities. The surrounding area continues to grow, with a range of retail centers, grocery options, schools and other neighborhood-serving uses nearby, including Southpark Meadows, a shopping center less than 10 minutes away. Additional commercial development is underway along the East Slaughter Lane corridor, further expanding access to everyday amenities.
Expanding access to affordable housing in high-growth areas like Southeast Austin is critical to ensuring that working families are not priced out of opportunity, said Patrick Howard, Executive Director & CEO of The Housing Authority of Travis County. Sanara reflects our continued partnership with The NRP Group to deliver housing that is not only attainable, but thoughtfully designed to support long-term stability and quality of life for residents. This community will help meet growing demand across Travis County while connecting residents to nearby jobs, services and everyday amenities.
Sanara s unit mix is intentionally weighted toward family-oriented floorplans, with more than 60 percent of residences offering three- and four-bedroom layouts. Apartment homes include 12 one-bedroom units, 120 two-bedroom units, 144 three-bedroom units and 72 four-bedroom units, reflecting a focus on families and multigenerational households.
Residence interiors will feature stainless steel appliances, granite countertops, modern cabinetry, vinyl plank flooring and walk-in closets in all units, complemented by Energy Star appliances. Residents will have access to a 24-hour fitness center, business center with coworking space, clubhouse with a lounge and community kitchen, outdoor pool with lounge seating, children s activity center and on-site playground. Tailored on-site resident programs will include after-school care, financial literacy courses, ESL classes, first-time homebuyer programs and more, all offered at no cost to residents.
The development is supported by tax credit equity from MetLife Investment Management, with the tax credits syndicated by Redstone Equity Partners. Construction and permanent financing is being provided by PIMCO and arranged by Berkadia. Safehold is also participating as a ground lessor, marking the first use of its ground lease structure for an affordable multifamily development in Texas.
We re pleased to partner with The NRP Group on Sanara as we continue to expand our affordable housing platform in Texas, said Steve Wylder, Safehold s Head of Investments. As affordability pressures persist, our focus is on providing long-term, low-cost ground lease capital that helps experienced developers go projects forward. This investment underscores our commitment to supporting the delivery of high-quality affordable housing at scale across growing markets.
Construction of Sanara is now underway with first units anticipated in April 2027.

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