USA Properties Fund was among the nation’s top 15 affordable housing developers in 2022 – and the leader in California, according to a closely watched list.
The Roseville-based company ranked No. 15 with 914 affordable apartments under construction in 2022, a huge jump from No. 45 in 2021, according to Affordable Housing Finance. Last year, USA Properties started affordable apartment communities from Lancaster in Southern California to Portland, Oregon.
The current ranking is the highest-ever for USA Properties – and one of the largest one-year gains on Affordable Housing Finance’s Top 50 developers list, which started in 2007.
USA Properties has 24 apartment communities and 4,350 units under some form of construction or development, easily the most since the company started in 1981.
“We are committed to building more affordable housing and meeting the need for quality homes for residents,” said Geoff Brown, President of USA Properties. “Our team has worked tirelessly to make these projects come together, and we have many more in the works.”
The Pacific Companies, based in Eagle, Idaho, was the leading affordable housing developer with almost 3,100 units under construction in 2022.
Carlsbad-based Chelsea Investment Corp. was the second-largest developer in California, finishing at No. 17 with 877 units (the company was the leader in the state in 2021). Fourteen companies based in California made the developers list.
By the numbers
- USA Properties had 914 affordable apartments under construction in 2022
- With 10,768 affordable apartments at the end of 2022, USA Properties is the 37th-largest affordable housing developer in the U.S.
- The company has 24 apartment communities and 4,350 units under some form of construction or development
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USA Properties is the 37th-largest affordable housing owner in the U.S.
USA Properties finished as the 37th-largest affordable housing owner in the nation, with 10,768 units at the end of 2022, according to Affordable Housing Finance. The company was No. 32 in 2021.
Five companies were added to the affordable housing list, and a few others completed large acquisitions, including Avanath Capital with almost 3,150 units.
USA Properties has a handful of apartment communities that have been or are scheduled to be completed this year, including Terracina at Lancaster and Terracina at Whitney Ranch in Rocklin. The company has expanded into the Central Coast, with an apartment community in Marina, and north to Portland.
“We are always looking at new markets and new opportunities,” Brown said. “We’re extremely proud of our accomplishments and where we ranked on the list, but the greatest satisfaction is providing much-needed homes to residents.”
Feature photo of The Canopy at Powell apartments in Portland, Oregon