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 important 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.

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 creating 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 creates 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 create 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 create exceptional value for its shareholders, customers and employees.
This is a transformative event in the apartment industry that will create long-term value for shareholders. By combining the two premier companies in the sector, we create 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 great real estate companies, I have a deep appreciation for what it takes to create enduring value in this industry, and I think 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.

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 creating 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-story 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 planned 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 move 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.

ANAHEIM, CA – Linc Housing, a nonprofit developer of affordable and supportive housing, joined its development partner and service provider American Family Housing, Azure residents, officials from the City of Anaheim and other development partners to celebrate the completed renovation of Azure, an 89-home supportive housing community in Anaheim.
“We are thrilled to see yet another 87 permanent supportive homes open their doors to Californians in need thanks to the Governor’s forward-thinking investment in Homekey,” said Gustavo Velasquez, director, California Department of Housing and Community Development. “Azure offers its residents access to the services needed to support long-term stability and through its proximity to transit connects them to a world of opportunity.”
Azure, named for the Azure butterfly – a symbol of transformation, rebirth and embracing change, is Linc’s fourth and final Project Homekey development in the region. Homekey is an innovative statewide effort to create permanent, affordable homes by transforming underused properties into permanent affordable and supportive housing.
“Azure delivers on the promise of what is possible in Anaheim,” said Anaheim Mayor Ashleigh Aitken. “This community offers the dignity of supportive housing with the empowerment of beautiful surroundings. A place to call home that also inspires cannot be underestimated in its power to transform lives and spaces.”
The former 119-room Studio 6 Motel was first transformed into interim housing in 2022. The second phase of the development focused on renovating those rooms into 67 studios and 20 one-bedroom apartments. In addition to the new homes, Azure also features a community room, case management offices, a central courtyard, community garden and dog park.
“Project Homekey gave us a way to act with urgency, and the City of Anaheim made that urgency real,” said Suny Lay Chang, president and COO of Linc Housing. “Together, we converted a temporary solution into lasting housing that offers both stability and a path forward for the community’s most vulnerable residents.”
The new housing, located at 1251 N. Harbor Blvd. in Anaheim, was made possible through significant funding from the State of California’s Project Homekey program and the City of Anaheim, along with additional support from the Housing and Homelessness Incentive Program (HHIP) funded through CalOptima Health. Additional financing was provided by Capital One and Freddie Mac, with tax credit equity syndicated through Raymond James. Project-based rental assistance vouchers are provided by the Anaheim Housing Authority.
American Family Housing provides residents with wraparound services and case management to support them and ensure they thrive. Supportive services include mental and physical health services, employment counseling and job placement, education, substance use counseling, money management, assistance in obtaining and maintaining benefits, and referrals to community-based services and resources. Linc Housing’s resident services team provides additional community building activities and other programs and workshops focused on health and well-being, workforce development, financial capability, and digital equity.
The transition from interim to permanent housing began in February 2024 with designs by Y&M Architects and construction by Sun Country Builders. All homes, which are currently 100% occupied, are for households at or below 30% of the area median income.

SAINT PAUL, MN – Tareen Development Partners (TDP) announced the successful acquisition of Afton View Apartments, a 286-unit housing community located in St. Paul, MN. This is TDP’s third affordable housing acquisition in the Twin Cities.
Originally built in 1971, Afton View Apartments has served as an important housing resource for decades. The property includes 268 units supported by a HUD project-based Section 8 contract, providing stable housing for working families and residents across the community.
TDP plans to perform a substantial rehabilitation of the property utilizing 4% Low-Income Housing Tax Credits (LIHTC) and tax-exempt bond financing later in 2026. These renovations will extend the useful life of much-needed affordable housing and provide significant upgrades to in-unit, common-area, mechanical, and amenity areas.
“The preservation of affordable housing communities like Afton View Apartments is critically important for the long-term stability of the Twin Cities housing market,” said Dr. Basir Tareen, founder and CEO of TDP. “This project represents a significant reinvestment into the property and reflects our commitment to providing residents with high-quality housing while maintaining long-term affordability.”
This acquisition could not have been possible without TDP’s development partners, Bridgewater Bank, Winthrop & Weinstine, the City of Saint Paul, and Stewart Title Company.
Tareen Development Partners is a mission-driven real estate development firm based in the Twin Cities. The company has built a reputation by specializing in complex, community-centered initiatives, with a focus on market-rate and affordable housing, healthcare facilities, and mixed-use developments. With an experienced team, the firm manages all stages of development, from land acquisition to asset management.

BOULDER, CO – National multifamily developer Wood Partners and Germany-based capital partner EIG EuroInvestor broke ground on Alta Longmont in Longmont, a suburb outside of Boulder. The 252-unit project is slated to open in spring 2028.
Located above St. Vrain Creek, Alta Longmont offers clear views of the Flatirons and sits just steps from the adjacent greenway, with opportunities for biking, fishing and walking along the creek corridor. Downtown Longmont is also a short bike ride away, providing convenient access to local amenities while maintaining a more private, residential setting.
“Our goal is to deliver projects that not only serve residents, but also add to the character and long-term momentum of the surrounding area,” said Walter Armer, managing director at Wood Partners. “Alta Longmont gives residents a place where they can stay connected to the outdoors while still being close to Main Street, the heart of the city.”
The seven-building, three-story community features a mix of one-, two- and three-bedroom apartment layouts. Amenities include a resort-style pool and courtyard with mountain views, an outdoor kitchen and grill area, a fitness center, a resident clubhouse, a business center with private conference rooms and a dedicated dog walking area.
“We’re proud to continue our long-standing partnership with Wood Partners to bring much-needed housing to Boulder County,” said Kilian Kagel, managing partner at EIG. “It’s rewarding to be part of a project that contributes to the continued growth of this great community.”
Project partners include Design Balance as the lead architect and Civil Resources as the civil engineer. Additionally, Wood Partners is working with the City on infrastructure improvements in the area, including expanding and repaving Rogers Road, adding sidewalks, underground utility lines and upgrading the sanitary connection.
Last year, Wood Partners broke ground on both Alta Metro Center, a 365-unit project in Aurora, the largest suburb of Denver and the state’s third-largest city, and The Foxley by Alta in Superior, Colorado, a 251-unit community located on one of the last remaining parcels of the Downtown Superior Masterplan.

NEW YORK, NY – Affiliates of Cantor Fitzgerald Asset Management ( CFAM ), the investment and asset management division of Cantor Fitzgerald, a leading global financial services and real estate services holding group, and RPM Living, one of the nation s premier multifamily property management and investment companies, announced the acquisition of Biscayne Shores from Integra Investments through a joint venture.
Biscayne Shores is a newly constructed, luxury waterfront multifamily community located in North Miami, Florida. The eight-acre property, completed in 2024, was developed by Integra Investments, a Miami-based real estate investment and development firm, in partnership with Andrew Korge of Korgeous Group and David Larson of DCL Capital.
This transaction is the latest successful collaboration between CFAM and RPM Living Investments following acquisitions across key growth markets including Dallas, Denver, Houston, Orlando, and Tampa. Biscayne Shores represents a significant addition to the partners growing portfolio of high-quality assets in dynamic, growth markets. The community features a high-rise multifamily tower and townhome villas in a desirable location that provides access to major employment centers and core lifestyle destinations.
We believe Biscayne Shores is well-positioned to benefit from the favorable demographic trends and strong demand drivers shaping the Miami market, underscoring the long-term appeal of high-quality multifamily assets in the region for institutional investors, said Chris Milner, CIO, Real Assets at CFAM. This acquisition exemplifies our investment strategy of sourcing high-quality multifamily properties in dynamic, growth-oriented markets.
Biscayne Shores sets a new standard for luxury waterfront living in North Miami, said Hank Farrell, CEO of RPM Living Investments. Residents will benefit from thoughtfully curated amenities, modern design and convenient access to all that South Florida has to offer.
The transaction marks the successful sale of Biscayne Shores by Integra Investments and its partners, following the firm s delivery of the project as part of its broader strategy focused on residential and mixed-use developments across South Florida. Terms of the transaction were not disclosed.
We are proud to bring Biscayne Shores to market and deliver a project that reflects the continued growth and demand we are seeing across North Miami, said Nelson Stabile, principal at Integra Investments. We remain bullish on this submarket, and this transaction reflects the strength of the fundamentals driving it.

ATHENS, GA – Morrison Avenue Capital Partners, a real estate investment firm specializing in multifamily and student housing development and acquisitions in the Southeast, announced the recent closing and construction start of Hilltop Athens, a new 222-bed purpose-built student housing community in Athens, Ga. The project aims to address increasing demand for quality student housing in the area.
Located within a mile of the University of Georgia campus and downtown Athens at 218 North Avenue, Hilltop Athens offers a combination of luxury townhomes and garden-style flats as well as community amenities including a clubhouse, fitness center, pool, and grilling pavilion. Floor plans range from one to four bedrooms and feature luxury countertops, stainless steel appliances, in-unit washer and dryers, high-speed internet, smart-home technology, and private outdoor space.
The project builds on Morrison Avenue s momentum with the Hilltop brand, with Hilltop Auburn in Auburn, Alabama currently under construction and fully preleased for the 2026-2027 academic year.
We look forward to delivering this community to meet the needs of the growing University of Georgia student population, said Hansen Babington, partner at Morrison Avenue Capital Partners. We re committed to providing an unmatched student housing experience to residents who desire design-forward spaces that are walkable to campus.
Construction at Hilltop Athens is underway led by Athens-based Cloverleaf Construction. Local property manager, CollegeTown Properties, will manage the property. Renasant Bank provided debt financing. Hilltop Athens is set to be delivered ahead of the fall 2027 semester.
Morrison Avenue Capital Partners is a real estate investment firm specializing in multifamily and student housing development and acquisitions in the Southeast. The company s tenured team leverages a data-driven approach to unlock actionable opportunities and deliver superior risk-adjusted returns to investors. Founded in 2012, Morrison Avenue has approximately $900 million in assets under management.

PORTLAND, OR – Guardian, a Pacific Northwest-based multifamily owner, operator and developer, has acquired Ladd Tower, a 23-story, 332-unit residential high-rise located at 1300 S.W. Park Avenue in Portland, Oregon. The deal was completed in partnership with PCCP for $63 million.
The Ladd Tower acquisition reflects Guardian’s conviction in Portland s urban core. With institutional capital broadly retreating from downtown markets, Guardian’s continued confidence in high-quality, well-located urban housing positioned the firm to acquire this asset at a highly attractive basis.
Built in 2009 and LEED Gold certified, Ladd Tower includes more than 255,000 square feet of residential space and a full suite of amenities, positioning it competitively within the downtown high-rise segment. The property s location along the South Park Blocks provides immediate access to retail, dining, cultural institutions and major employment centers.
Guardian plans to implement an $8 million capital improvement program over the next three years, focusing on modernizing unit interiors and enhancing amenity spaces to align with evolving renter needs. The value-add strategy is designed to increase net operating income and further strengthen the asset s position within the Portland urban core market.
We view this as a strong investment opportunity with clear upside through targeted reinvestment, said Tom Brenneke, President of Guardian. Ladd Tower offers the scale, location, and construction quality that should drive outperformance as Portland’s downtown continues to recover. We are focused on disciplined execution to deliver long-term value for our partners.
This marks Guardian’s third partnership with PCCP in the past four years, reflecting a deepening relationship around high-conviction Pacific Northwest investments, particularly in supply-constrained, high-barrier urban markets.
The acquisition expands Guardian s portfolio and aligns with the firm s broader strategy of acquiring and repositioning institutional-quality assets with strong long-term fundamentals across the region.
Guardian is a vertically integrated real estate investment and operating platform focused on the acquisition, preservation, development and long-term ownership of multifamily housing across the western United States.

GERMANTOWN, MD – Mission-based affordable housing developer NHPF announced its closing on the acquisition of Hadley Germantown (previously known as Elme Germantown), a 218-unit apartment community located in Germantown, Maryland. The transaction underscores NHPF’s continued commitment to preserving and enhancing affordable housing in high-opportunity markets through innovative financing strategies.
Originally built in 1990 and last renovated in 2011, Hadley Germantown provides naturally occurring affordable housing (NOAH). NHPF is placing covenants on the property that will restrict future rents to 60% of the Area Median Income for 50% of the units and 80% AMI for an additional 25% of the units.
“Hadley Germantown represents a strong opportunity to preserve affordability in a high-demand corridor while executing a thoughtful renovation strategy that improves quality of life for residents,” said Nish Desai, Acquisition Manager, NHPF. “This acquisition is also an excellent example of how creative financing can be used by non-profits for the preservation of affordable and workforce housing — ensuring affordability can be satisfied on Day 1, without any resident displacement.”
The acquisition was financed entirely with tax-exempt 501(c)(3) bonds, with KeyBanc Capital Markets serving as bond underwriter, the Wisconsin Public Finance Authority as issuer, and U.S. Bank as trustee. Urban Atlantic and Rawson Square supported the acquisition and will serve as development consultants, overseeing initial property improvements. Winn Residential will serve as the new Property Manager.
The financing structure will leverage Montgomery County’s by-right Payment in Lieu of Taxes (PILOT) program, which provides a 100% abatement of county property taxes for qualifying nonprofit-owned communities. The project also utilizes the 501(c)(3) bond safe harbor provision to meet federal affordability requirements without the need for additional public subsidy, enabling a streamlined and efficient execution.
“This project was made possible by using NHPF’s AA- S&P rating to leverage debt at below 4.5%,” noted NHPF Senior Vice President of Acquisitions Neal Drobenare.
“Adding this exceptional property to our portfolio marks a meaningful milestone for the foundation— our first acquisition in Montgomery County. Maryland has long been an important market for us, and Germantown holds a special place in the greater Washington, DC region,” said Joseph Weatherly, Chief Investment Officer, who grew up in Germantown adding, “We look forward to being a trusted part of this community and serving its residents for years to come”
NHPF will implement an extensive capital improvement program focusing on both interior and exterior upgrades including renovated units, upgraded community spaces, alongside select exterior improvements. Improvements will begin immediately following closing, with Urban Atlantic and Rawson Square overseeing the initial phases in Years 1 and 2.
“Urban Atlantic and Rawson Square are excited to work with NHPF to preserve affordable and workforce housing in Montgomery County. The acquisition of Hadley Germantown leverages innovative public and private financing tools, including 501(c)3 bonds and Montgomery County’s by-right PILOT program, allowing mission-driven organizations like NHPF to step in and preserve affordability at scale,” said Brant Snyder, Chief Executive Officer of Urban Atlantic. “The property’s strong fundamentals and proximity to major employers along the I-270 Biotech Corridor such as NIH, FDA, AstraZeneca, and GSK further support its long-term stability and impact.”
Hadley Germantown adds to NHPF’s growing national portfolio of sustainable housing communities, reinforcing the organization’s belief that housing is more than four walls—it is the foundation for opportunity, stability, and resident success.