Highridge Costa

What Highridge Costa does

Highridge Costa is a privately held, top-five U.S. affordable multifamily housing developer, founded in the mid-1990s and headquartered in Gardena, California, with a regional office in Honolulu. The company develops, finances, constructs, owns, and operates 100% affordable multifamily rental housing communities, with a portfolio of approximately 30,000 apartment units across more than 300 communities in roughly 33 U.S. states plus Puerto Rico. All units are restricted to households earning between 30% and 60% of Area Median Income, producing supply across three primary use cases: family affordable housing, age-restricted senior housing (55+ and 62+), and permanent supportive housing for homeless individuals and U.S. veterans.

The firm's product surface consists of named apartment communities built using a stacked financing structure of Low Income Housing Tax Credits (Section 42), tax-exempt mortgage-backed revenue bonds, 501(c)(3) bonds, Fannie Mae and Freddie Mac loans, and HUD/FHA programs — complemented by state Revolving Funds (notably Hawaii's Rental Housing Revolving Fund, where the company has drawn over $150 million). Active projects span urban and suburban settings and include the 222-unit Kokua Hale senior tower in Honolulu, the 57-unit Central Apartments supportive housing project in Los Angeles, the 130-unit Twin Oaks Senior Residence in Oakley, California, and the 50-unit Northwest Apartments in Broomfield, Colorado, the latter certified to Enterprise Green Communities 2020 standards.

The business model combines development fees from project pipelines, asset management fees on retained affordable housing portfolios, property-level rental operations, and syndication/limited-partnership economics from LIHTC equity raises. The customer base is exclusively governmental — Housing Authorities of Los Angeles and Honolulu, LA Housing Department, LA County Development Authority, HUD, Veterans Administration, and the Hawaii Department of Housing and Land Management — with no market-rate tenants or commercial counterparties. Operating geographies are concentrated in California, Hawaii, Colorado, and Puerto Rico. The leadership team is long-tenured: Chairman & CEO Michael A. Costa (Freddie Mac Builder of the Year and Affordable Housing Hall of Fame inductee), President Mohannad M. Mohanna, and CFO/COO Robert W. Tetrault anchor a roughly 51-100 person organization that has consistently ranked among the top five affordable multifamily developers nationally for nearly three decades.

Name

Highridge Costa

Legal name

Highridge Costa

Website

https://housingpartners.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

51–100 employees

Short description

Highridge Costa is a privately held, top-five U.S. affordable multifamily housing developer that develops, finances, constructs, owns, and manages 100% affordable (30-60% AMI) apartment communities — approximately 30,000 units across 300+ communities in ~33 states and Puerto Rico — serving families, seniors, and homeless/formerly homeless veterans in partnership with public housing authorities, HUD, VA, Fannie Mae, and Freddie Mac.

Ownership category

akta.pro rank

Product category

Affordable Multifamily Housing Development

NAICS

Rental and Leasing Services (532), Other Residential Care Facilities (6239)

SIC

Services-To Dwellings & Other Buildings (7340)

akta.pro primary industry

Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD)

akta.pro secondary industries

Affordable/Subsidized Independent Living (HUD/LIHTC) Communities (HLADAAAB), Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF)

Keywords

• Affordable housing development
• Multifamily housing construction
• Low income housing tax credits
• Tax exempt bond financing
• Supportive housing development

Headquarters

HQ city

Gardena

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Affordable Housing Development and Property Management: Highridge Costa develops, finances, constructs, owns, and manages affordable multifamily housing communities. Revenue is generated through development fees, asset management fees, and property operations. All units are 100% affordable, developed using Tax Exempt Bonds and/or Low Income Housing Tax Credit (LIHTC) equity.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Highridge Costa develops, finances, constructs, owns, and manages affordable multifamily housing communities across the United States and Puerto Rico. All units are 100% affordable, developed using Tax Exempt Bonds and Low Income Housing Tax Credit (LIHTC) equity. The company delivers supportive, senior, and workforce housing serving families, homeless individuals, veterans, seniors, and essential workers at 30-60% of Area Median Income.

Product overview

Highridge Costa is an affordable and mixed-income multifamily housing developer operating as a single unified product offering: residential apartment community development. The company's portfolio consists of distinct named communities including Northwest Apartments (Colorado), Kokua Hale (Hawaii), Twin Oaks Senior Residence (California), Central Apartments, Main St. Apartments, Keawalau, and Pohukaina Commons. These communities are developed, financed, constructed, owned, and managed by the company, targeting families, seniors, and permanent supportive housing for homeless populations across multiple U.S. states.

Differentiator

Problem solved

Functional benefit

Products and services

• Northwest Apartments A 50-unit affordable family community restricted to 30%-60% AMI located at 13741 Vispo Way, Broomfield, Colorado. Four-story building with sustainable design meeting Enterprise Green Communities 2020 standards.
• Kokua Hale An age-restricted (55+) 20-story tower providing 222 affordable studio units in downtown Honolulu at 1192 Alakea Street, with units restricted to 30%-60% AMI, meeting ADA and HUD standards.
• Twin Oaks Senior Residence A mixed-use affordable senior community restricted to ages 62+ at 2605 Main Street, Oakley, CA. Three-story elevator-serviced building with 130 units including community amenities such as pool, fitness room, and reading gardens.
• Central Apartments A 57-unit supportive housing project at 2106-2122 S. Central Avenue in Los Angeles, designed for individuals experiencing or at risk of homelessness. Five-story building with studio and one-bedroom apartments.
• Main St. Apartments A five-story building at 5501-5513 S. Main Street featuring 57 residential units including 56 supportive housing units and one manager's apartment for households earning 30-50% of area median income.
• Keawalau A development in Hawaii named after the traditional name for Pu'uloa (Pearl Harbor).
• Pohukaina Commons An affordable housing development in Honolulu, HI.

Quantifiable outcome

• Over 30,000 affordable housing units developed in 300+ communities
• +1 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core.

• Housing Authority of Los AngelescoreStrategic or Co-development PartnerPartnership for permanent supportive housing development for previously homeless United States Veterans. Highridge Costa is working with the Housing Authority to utilize Project Based Vouchers from the Veterans Administration and HUD with different rent calculations and qualification processes.
• Los Angeles Housing DepartmentcoreStrategic or Co-development PartnerCollaborating on affordable housing development for veterans using Project Based Vouchers and various financing programs.
• Los Angeles County Development AuthoritycoreStrategic or Co-development PartnerPartnership for permanent supportive housing development utilizing Project Based Vouchers from HUD.
• Egan | Simon ArchitectscoreStrategic or Co-development PartnerArchitecture firm that designed Central Apartments project in Los Angeles. Previously won a Grand Award for the same project at the 2025 Gold Nugget Awards.
• City and County of Honolulu - Department of Housing and Land ManagementcoreStrategic or Co-development PartnerFinancial closing partner for Kūhiō Park Terrace redevelopment - a $115.7 million first phase investment to replace 60 aging units with 302 new affordable rental units across three mid-rise buildings.

Scale indicators5 records

Recent moves5 records

Expansion highlights6 records

Broad incumbents

• The Related Companies: One of the largest US developers of affordable, mixed-income, and market-rate multifamily housing. Operates a national affordable housing platform alongside luxury and mixed-use development, making it a comparable scaled peer with broader portfolio reach.
• Hunt Companies: Diversified national real estate developer and asset manager with a significant affordable multifamily housing platform. Uses LIHTC and federal financing programs similar to Highridge Costa while also operating in military, multifamily, and commercial real estate.

Direct peers

• BRIDGE Housing: Mission-focused affordable multifamily developer and owner with West Coast concentration, similar LIHTC-driven development model, and comparable mix of family, senior, and supportive housing. A close peer given overlapping geographies and product type.
• The NRP Group: National affordable and workforce multifamily developer leveraging LIHTC, tax-exempt bonds, and HUD financing. Operates as a vertically integrated developer/owner/manager comparable to Highridge Costa's full-stack model.
• Dominium: One of the largest US affordable multifamily developers and owners, with significant LIHTC experience and a vertically integrated platform. Comparable scale and capital stack approach make this a direct peer.
• Mercy Housing: National nonprofit affordable housing developer and manager serving families, seniors, and homeless populations across 40+ states. Comparable mission, customer base, and LIHTC utilization even though structured as a nonprofit.
• McCormack Baron Salazar: National affordable and mixed-income developer specializing in transformative urban developments using LIHTC, tax-exempt bonds, and HOPE VI-type programs. Comparable customer base and project complexity.
• Jonathan Rose Companies: Mission-driven real estate developer and investment manager focused on affordable, mixed-income, and sustainable multifamily housing. Comparable LIHTC utilization and integration of design quality with affordability.
• Standard Communities: Affordable and workforce housing developer and owner with West Coast and national presence, leveraging LIHTC and tax-exempt bonds. Comparable in scale and product mix to Highridge Costa's multifamily portfolio.

Emerging players

• WNC & Associates: Specialized LIHTC syndicator and affordable housing investor with developer relationships across the country. Comparable as a capital partner in the LIHTC ecosystem and a potential co-investor for Highridge Costa's pipeline.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/highridge-costa
• Instagraminstagram.com/highridgecosta

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Highridge Costa