The company moves up on closely watched Affordable Housing Finance’s 50 owners list
USA Properties Fund completed the sixth-most affordable apartments in the nation in 2025 – and the most by a California-based developer for the second consecutive year, according to a closely watched industry report released this week.
The Roseville-based company completed 1,309 affordable apartments in 2025, from Carlsbad to Gresham, Ore., according to Affordable Housing Finance. USA Properties completed 1,177 units in 2024.
USA Properties, thanks to fast-paced growth the past several years, is the seventh-largest affordable apartment community developer based in California. The company has 12,400 apartments in 90 communities.
The company is the 39th-largest affordable apartment community owner in the nation, up from No. 41 in 2024. However, the company only operates in three states: California, Nevada and Oregon.
In comparison, Atlanta-based Starwood Capital Group finished in first place with 52,566 apartments but operates in 24 states – eight times more than USA Properties.
“While we appreciate the attention and the recognition, the most important figure has always been the number of low-income families who are able to move into our quality, safe affordable homes,” said Geoff Brown, President of USA Properties Fund. ‘We’ve enjoyed tremendous success in recent years, thanks to the hard work of our team members and the ongoing support of many partners.”
‘Stable housing at an affordable price’
USA Properties often partners with cities and counties, the California Housing Finance Agency (CalHFA), local housing agencies, and some of the nation’s largest banks, including Bank of America, Citibank and JPMorgan Chase. Riverside Charitable Corporation and WNC Inc. are also frequent partners on projects.
“It’s important that we support the entire community,” said Santa Clara Mayor Lisa Gillmor during a grand opening of Mainline North in January. The South Bay City is a partner on the 151-apartment community. “Inclusivity and equal access to housing is part of our future.”
By the numbers
Affordable apartments completed in ’25:
1,309
Rank among affordable developers in U.S.:
39
Number of affordable units started in ’25:
410
Affordable housing has long been a focus from communities and state lawmakers in California, where more than half of renters are considered cost-burdened – spending at least 30% of their household income on rent, according to the Public Policy Institute of California. The figure is much higher for lower-income households, which are often forced to pay higher rent in market-rate apartment communities or commute from outside the area for work.
“This place changed my mindset,” said Pete Messias, a Mainline North resident who lives about eight minutes from work. “I can take a breather and focus on work. I now have stable housing at an affordable price.”
18 months to two years to build an apartment community
Affordable Housing Finance conducts the detailed annual survey of the nation’s affordable apartment community developers, counting the total number of apartments owned and units that started construction during the past year.
USA Properties finished No. 49 based on apartments started in 2025, down from No. 31 a year earlier. The company started on 410 units in 2025.
But developing affordable apartment communities, from getting the financing to obtaining building permits, can take several years. Once construction starts, a project generally takes about 18 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 often varies from year to year. For example, USA Properties finished No. 15 nationwide for housing starts in 2022 – its highest-ever rating – but did not make the list in 2023.
The number of apartments completed – either leased or available to residents – is also included in the developers list.
‘The ability to start rebuilding our lives’
USA Properties has already celebrated a couple of grand openings in recent months, including 8181 Allison in La Mesa, Terracina at Winding Creek in Roseville, and most recently The Orion, a community for 55-and-older residents in Orange. The apartment communities combined have several hundred apartments for low-income residents.
For Casey, a resident in a USA Properties’ community in Roseville, affordable housing provides “stability, dignity and a new beginning” for her and her four children.
“It wasn’t just about getting a roof over our heads – it was about getting a second chance,” said Casey, who lives at Terracina at Winding Creek. “It gave my children a safe place to sleep, to grow and to just be kids again. And it gave me something just as important: peace of mind and the ability to start rebuilding our lives.”
Brown agrees, adding that improving the lives of residents is the real reward.
“Developing affordable housing is difficult, often with many delays and setbacks,” Brown said. “But when you see happy families who can afford their home and have the opportunity build a better life, it’s worth all of the time and hard work.”
Feature photo of the grand opening celebration of Terracina Vista, an affordable apartment community in Gresham, Ore. Terracina Vista was completed in 2025.