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The Highland Companies: Company Timeline
With a vision to transform affordable rental units into homes, founding principals Bill Rice and Kristoffer Kaufmann established Highland Property Development in 2003. The firm’s inauguration converged with the acquisition and redevelopment of its first two communities: Willow Oaks and Oroville Apartments. Since this initial transaction, Highland Property Development has continued to grow and strengthen its staffing in the areas of due diligence and asset management.
Highland Property Development LLC, with structuring assistance from Highland Property Advisors, has completed the acquisition and rehabilitation of 20 "at-risk" USDA Section 515 properties comprising 1,045 housing units for families and seniors. The properties will continue their affordability for at least another 55 years.
The following timeline chronicles the birth and evolving progress of Highland Property Development.
July 23, 2003 - HPD LLC acquires Willow Oaks (60 family units, Willows, CA) and Oroville Apartments (62 family units, Oroville, CA), both USDA RD 515 properties.
March 23, 2004 - HPD acquires Spring Apartments (64 family units, Brawley, CA) and Encino Village Apartments (32 family units, Brawley, CA), both USDA RD 515 properties.
August 30, 2004 - HPD acquires Oroville Manor (72 Senior units, Oroville, CA), a USDA RD 515 property financed under the City of Oroville's Redevelopment Agency and Home funds from the Department of Housing and Community Development (HCD).
December 23, 2004 - HPD acquires Noble Creek Apartments, two contiguous properties (108 family units in Beaumont, CA), both USDA RD 515 properties.
November 23, 2005 - HPD acquires Clearlake Apartments (72 family units in Clearlake, CA) financed under the USDA RD 515 program.
November 23, 2005 - HPD acquires Valley Terrace, (48 family units in Corning, CA) financed under the USDA RD 515 program.
April 27, 2006 - HPD acquires Casa West and Casa del Sol I & II Apartments (48 senior units and 108 family units respectively in Desert Hot Springs, CA), financed with Proposition 46 MHP funds.
October 11, 2006 - HPD acquires Villa del Este Apartments, Phase I and II (100 family units in Calexico, CA), under the USDA RD 515 preservation program, using Proposition 46 MHP and HOME funds.
November 9, 2006 - HPD acquires Summerwood, Sunset West and Sunrise Apartments (one 50 unit property in Coachella, CA and two 50 unit properties in Blythe, CA). With the assistance of tax-exempt bonds, Proposition 46 MHP funds, USDA RD 515 debt and tax credit equity, Highland substantially rehabilitated all three properties, dedicating $45,000 to the refurbishment of each unit.
November 8, 2007 - HPD acquires Alturas Apartments (48 units in Alturas, CA) financed under the USDA 515 preservation program using Proposition 1C MHP funds.
November 8, 2007 - HPD acquires Cedarwood Apartments (38 units in Fall River Mills, CA) financed under the USDA RD 515 preservation program using Proposition 1C MHP funds.
December 27, 2007 - HPD acquires Twentynine Palms Apartments (48 units in Twentynine Palms, CA) financed under the USDA RD 515 preservation program, supported by a HUD HAP contract.
February 21, 2008 - HPD acquires Rio Linda Manor Apartments (66 senior units in Sacramento, CA) financed with the assistance of the Sacramento Housing and Redevelopment Agency. This transaction is Highland's first market rate to affordable housing conversion.
March 27, 2008 - HPD acquires Rio Colorado Apartments and Townhomes (70 units in Blythe, CA) with the cooperation of HCD and the City of Blythe.