Hudson Valley Property Group (HVPG) has acquired Boston Bay and Hope Bay, two adjacent affordable housing properties comprising 133 family units in the Dorchester neighborhood of Boston. The acquisition marks the firm’s entry into the Massachusetts market.
The properties consist of 20 buildings constructed between 1890 and 1920. Total project costs are $52.5 million, funded with a Fannie Mae loan provided by KeyBank.
HVPG plans $6.4 million in renovations, averaging $48,000 per unit. Improvements will include kitchen and bathroom upgrades, Energy Star appliances, lighting enhancements and security features.
HVPG secured new HUD project-based Section 8 housing assistance payment contracts covering 100 percent of the units. These contracts limit rental payments to 30 percent of household income. Affordability will be extended 27 years at Boston Bay and 31 years at Hope Bay.
The firm currently operates more than 16,300 units across 13 states.
