Hudson Valley Property Group (HVPG), a leading affordable housing preservation company, has acquired two adjacent properties in Boston. The transaction marks the firm’s entry into Massachusetts.
Located in the Dorchester neighborhood and constructed between 1890 and 1920, the properties, Boston Bay and Hope Bay, feature 133 family units across two sites. Total project costs related to the preservation project are approximately $52.5 million, funded with a Fannie Mae loan provided by KeyBank.
HVPG is planning approximately $6.4 million in renovations, averaging about $48,000 per unit. The comprehensive scope of work will include complete kitchen and bathroom upgrades with water-saving fixtures, Energy Star appliances, and modern market-rate finishes. There will be additional common area enhancements and upgraded security features added throughout both properties. Additionally, LED lighting will be installed at building exteriors and common areas to enhance resident safety and energy efficiency.
"We are proud to bring HVPG's preservation platform to Boston and Massachusetts," said Jason Bordainick, HVPG co-founder and managing partner. "Boston Bay and Hope Bay represent an opportunity to preserve critical affordable housing in one of the nation's most supply-constrained markets. Our investment will ensure that 133 families can continue to call Dorchester home while benefiting from modernized living spaces and enhanced amenities.”
HVPG secured new federal project-based Section 8 Housing Assistance Payment contracts covering 100% of the units, which are leased to income-qualified residents. These contracts limit household rental payments to 30% of annual income. As a result of this acquisition-rehab, affordability will be extended for an additional 27 years at Boston Bay and 31 years at Hope Bay.
Through a partnership with Pinata, residents will have access to renters' insurance and credit reporting services that enable them to build credit by reporting on-time rent payments to credit bureaus. In addition, HVPG said it will introduce its signature Community Enhancement Program, which includes the installation of security cameras and access control systems throughout both properties, complemented by continued roaming guard patrols to ensure resident safety.
UHM Properties has been retained to provide on-site property management.
SVN Affordable | Levental Realty was the exclusive listing broker for the seller, and Jamie Renzenbrink and Gene Levental led the transaction on behalf of the firm.
HVPG operates properties across 13 states, with its current portfolio spanning more than 16,300 units nationwide.