Hudson Valley Property Group acquires Boston Bay and Hope Bay

Hudson Valley Property Group (HVPG) has acquired two adjacent affordable housing properties in Boston, marking its entry into the Massachusetts market. The properties, Boston Bay and Hope Bay, are located in the Dorchester neighborhood and comprise 133 family units. The total project cost of the acquisition, including planned renovations, is approximately $52.5 million, backed by a Fannie Mae loan from KeyBank.

The properties date back to their original construction between 1890 and 1920. HVPG plans to invest around $6.4 million in upgrades, translating to approximately $48,000 per unit. Planned renovations include comprehensive kitchen and bathroom overhauls, the installation of Energy Star appliances, and modern fixtures. Enhancements also encompass common area improvements and heightened security measures. Moreover, LED lighting upgrades are slated for both building exteriors and common spaces to bolster energy efficiency and resident safety.

This acquisition underscores HVPG's strategic initiative to preserve affordable housing in high-demand markets. "Boston Bay and Hope Bay represent an opportunity to preserve critical affordable housing in one of the nation's most supply-constrained markets," stated Jason Bordainick, HVPG's co-founder and managing partner. The transaction ensures that the 133 units remain accessible to income-qualified residents, with newly secured Section 8 Housing Assistance Payment contracts covering all units. Rental costs for tenants will remain at 30% of their annual income, extending affordability at Boston Bay for an additional 27 years and Hope Bay for 31 years.

For HVPG, this deal aligns with broader industry trends focusing on the sustainability and expansion of affordable housing. The company's move seeks to address the increasing demand for housing in Boston, where supply remains restricted. The addition of these properties boosts HVPG's national portfolio, which now spans over 16,300 units across 13 states.

Looking ahead, HVPG has committed to implementing its Community Enhancement Program at the new properties, introducing security cameras and access control systems in conjunction with existing security patrols. It will also partner with Pinata to provide tenants with services like renters' insurance and credit reporting, helping residents build credit through timely rent payments. UHM Properties has been retained for on-site management, ensuring the project's seamless integration into HVPG's expanding portfolio.