USA Properties completed the most affordable apartments by a California-based developer in ’24

With more than 11,300 affordable units, the company is among the largest based in the state

USA Properties Fund completed the most affordable apartments by a California-based developer in 2024 – and is among the fastest-growing developers of low-income housing in the U.S, according to a closely watched industry report.

USA Properties Fund completed 1,177 apartments during the past year – from Portland, Ore., to Southern California – the most by affordable housing developers based in California, according to data released by Affordable Housing Finance. The online publication tracks the affordable housing industry, and its annual AHF 50 lists are referred to by government agencies, lenders and policymakers.

USA Properties completed the 12^th-most affordable apartments in the U.S., about 1,000 housing units behind industry leader The NRP Group, which builds in about 20 states. USA Properties only develops properties in California, Nevada and Oregon. 

“We are committed to developing much-needed affordable housing for lower-income residents and help address the housing crisis in the communities that we serve,” said Geoff Brown, President of USA Properties. “We’ve enjoyed tremendous success, thanks to the hard work of our team members and partners. Together, we are opening doors and opportunities for residents.”

Source: Affordable Housing Finance

‘A proven track record’

More than half of renters in California are considered cost-burdened, spending at least 30% of their income on housing, according to the Harvard Joint Center for Housing Studies.

USA Properties Fund’s affordable apartment communities are significantly less compared to market-rate housing, thanks to low-income housing tax credits and strategic partnerships, often with local government, state agencies and major lenders. The company’s apartment communities allow residents to live closer to where they work, saving them more money and time.

“Providing multiple types of housing is critical to a thriving community,” said Rocklin Mayor Jill Gayaldo, a longtime city councilmember. “USA Properties has a proven track record of high-quality projects.” 

In 2024, the company completed Terracina at Whitney Ranch, a 288-apartment community in Rocklin. The apartment community, available for residents who earn as much as 70% of the area median income, is the first in Rocklin for USA Properties, headquartered about 8 miles away in nearby Roseville.

The company has been expanding into other new markets as well in recent years, including in the Portland area and in Marina in Monterey County along the Central Coast – one of the highest-priced housing markets on the West Coast.

“Instead of fighting every month to scrape by, we have so much more freedom in our lives,” said Blaine Sutliff, a resident of Terracina at The Dunes in Marina. The apartment community, located on the former Fort Ord, also opened in 2024. “The call from Terracina was such a relief.”

USA Properties is the 41^st-largest affordable owner in the U.S.

Affordable Housing Finance ranks affordable housing developers based on housing units started. USA Properties had the fourth-most apartments started by a California-based developer in 2024 – and the 31^st-most nationwide.

Developing affordable apartment communities, from getting the financing to obtaining building permits, can take several years. Once construction starts, a project generally takes about 21 months to two years, but the timeline depends on numerous factors, from infrastructure and utility work to weather-related delays. So, ranking on the AHF report can vary from year to year.

For example, USA Properties finished at No. 15 nationwide for housing starts in 2022 – its highest-ever rating – but did not make the list in 2023.

Affordable Housing Finance also compiles data on the largest affordable apartment community owners – companies that manage and own properties – based on the total number of housing units.

With 11,321 units at the end of 2024, USA Properties’ affordable housing portfolio was the 41^st-largest in the U.S., up two spots from a year ago. The company is the sixth-largest affordable apartment community owner based in California, according to Affordable Housing Finance.  

“While we greatly appreciate the attention and seeing how we compare to other developers, our focus is always first on providing quality, safe affordable housing for residents,” Brown said. “We are dedicated to creating outstanding communities, building stronger neighborhoods and improving the lives of our residents.” 

Feature photo: Marja Acres, an affordable apartment community in Carlsbad in San Diego County. The community started leasing in late 2024.