USA Properties Fund continues to climb a closely watched affordable housing owners list, and is among the leading developer-owners in the industry nationwide.
USA Properties ranked No. 32 on Affordable Housing Finance’s Affordable Housing Owners 2021 list, moving up nine spots from the previous year. The company had 11,916 affordable units in January 2021, almost 1,200 more than a year earlier.
The Roseville-based company’s fast-paced growth is attributed to developing and building more affordable apartment communities, not through acquisitions like many others on the list.
USA Properties has been aggressively building affordable housing for more than four decades and has increased production in recent years. The company has announced several affordable apartment communities during the past year, from Lancaster in Southern California to Portland, Oregon, a new market for USA Properties.
CHECKING THE FIGURES
- USA Properties is the 32nd-largest affordable housing owner in the U.S., with more than 11,900 units in January 2021.
- The company started construction on 375 affordable units in 2021, with another 3,000 units in some form of development.
“We’re very proud of our accomplishments and being recognized on the Affordable Housing Finance lists, which is only possible through the commitment and hard work of our team and partners,” said Geoff Brown, President and CEO of USA Properties. “We are deeply aware of the need for more affordable housing in the West, and we are working hard to meet the demand and provide quality housing and first-rate communities.”
ALMOST 400 AFFORDABLE UNITS STARTED IN 2021 — ANOTHER 3,000 ARE IN THE WORKS
Each affordable apartment community can take 18 to 24 months to build once construction starts, creating a roller-coaster-like effect on the Affordable Housing Finance’s Affordable Developers list, which ranks the number of units started during the year.
USA Properties ranked No. 45 in 2021, down from No. 13 in 2020. The company started 375 affordable units in 2021, compared to 983 units in 2020, according to the Affordable Housing Finance report.
The company has about 3,000 affordable units in various phases of development or rehabilitation from the Pacific Northwest to Southern California. USA Properties is one of the largest affordable apartment community developer-builder-manager-owners in the West.
USA Properties expanded into market-rate apartment communities several years ago, with developments in the Bay Area, the Sacramento region and Southern California. But Affordable Housing Finance only looks at affordable apartment communities for its annual list.
“We are as committed as ever to affordable housing, which has been the foundation of the company and our success,” said Brown, whose father, J.B. Brown, started the company in 1981. “But it’s very important to remember that every new home, affordable and market-rate, helps fill the incredible demand and need for more housing.”