Hudson Valley Property Group and Wheelock Street Capital bought 13 affordable apartment buildings in Washington State, including five complexes near the coast.
A joint venture of HVPG, a New York-based affordable housing firm, and Connecticut-based Wheelock acquired the properties as part of a 22-property, 4,768-unit portfolio in Washington, Colorado, California and Idaho, the Puget Sound Business Journal reported. The purchase price was not disclosed.
The seller was Spokane-based Inland Group. The five Western Washington properties include the 200-unit Blakely at Echo Lake at 1140 North 192nd Street in Shoreline, north of Seattle.
Traditions at Federal Way, a complex at 31701 Pete von Reichbauer Way South, in Federal Way, has 200 units just north of Tacoma.
Copper Valley, a complex at 12111 104th Avenue East in Puyallup, has 200 units southeast of Tacoma.
Copper Wood, a complex at 10244 Martin Way East in Lacey, has 228 units east of Olympia.
And Copper Trail, a complex at 701 Alta Street Southwest, has 260 units in Olympia, the state capital.
All of the properties are subject to low-income housing tax credit rent restrictions, with apartments reserved for tenants earning no more than 60 percent of area median income, according to the Business Journal.
The portfolio includes seven properties in Colorado, one in California and one in Idaho.
Hudson Valley Property said it plans to upgrade all 22 of the affordable properties, while boosting their safety, programming and amenities.
The firm also pledged to preserve their affordability by partnering with local housing authorities, including the state Housing Finance Commission.
Hudson Valley Property Group, founded in 2010 by childhood friends and business partners Jason Bordainick and Andrew Cavaluzzi, aims to preserve and improve affordable housing across the U.S. This latest purchase makes up a third of the firm’s total real estate portfolio.
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“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,” Bordainick, managing partner, said in a statement.
Correction: An earlier version of this story misstated Wheelock Street Capital’s role in the transaction. It was a buyer, not a seller.