Hudson Valley Property Group Acquires Two Affordable Housing Properties in Boston, Massachusetts

Boston Bay and Hope Bay properties mark HVPG's first acquisition in Massachusetts, adding 133 family units to the firm's growing New England portfolio

BOSTON, Feb. 10, 2026 /PRNewswire/ -- Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, today announced the acquisition of Boston Bay and Hope Bay, two adjacent affordable housing properties comprising 133 family units located in the Dorchester neighborhood of Boston, Massachusetts. This acquisition marks HVPG's entry into the Massachusetts affordable housing market and expands the firm's footprint across New England.

The properties, located at 205 Magnolia Street (Boston Bay) and 5 Norwell Street (Hope Bay), consist of 20 buildings across two scattered sites originally constructed between 1890 and 1920. Total project costs related to this 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 ~$48K 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, Co-Founder and Managing Partner of Hudson Valley Property Group. "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. We look forward to partnering with the City of Boston and HUD to safeguard affordability and elevate quality of life for residents."

HVPG secured new HUD Project-Based Section 8 HAP 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.

As part of HVPG's commitment to enhancing quality of life for residents, the firm will implement several community-focused initiatives at both properties. 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. HVPG 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. Additionally, HVPG will retain UHM Properties as onsite property management, ensuring continuity of the resident services programming currently offered through their central office.

This acquisition builds on HVPG's regional expansion strategy and commitment to preserving affordable housing in high-cost markets across the Northeast. The firm currently operates properties across 13 states, with their current portfolio spanning more than 16,300 units nationwide.

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.

"It was a privilege to represent the seller's interest in this transaction, and after multiple rounds of competitive bidding with many qualified buyers at the table, we are pleased the seller selected Hudson Valley as the new owners of Boston and Hope Bay," said Gene Levental, Managing Director, SVN Affordable. Given the age and construction of the buildings, meaningful renovation can be challenging, but HVPG's proposed capital plan and financing structure will allow for long-term preservation and affordability of the assets, which was extremely important to the seller."

About Hudson Valley Property Group (HVPG)

Hudson Valley Property Group (HVPG) seeks to preserve and elevate the quality of affordable housing in the United States. HVPG acquires existing affordable, multifamily properties and strategically invests capital to improve the physical, financial and social vitality of each home. With improved operations and enhanced service offerings, HVPG properties aim to deliver a better standard of living for its residents and stable investment assets. To date, HVPG has preserved 18,084 units across 97 properties. For more information, visit: https://hudsonvalleypropertygroup.com/

About SVN AFFORDABLE | Levental Realty

SVN AFFORDABLE | Levental Realty is a nationally recognized leader in the niche market of Affordable Housing brokerage focusing solely on valuing, marketing and selling Project-Based Section 8 and Section 42 housing through their national platform and proprietary database. Our financial, regulatory and statutory expertise, paired with our strategic alliance of industry professionals, allows us to successfully identify a customized disposition strategy and transaction structure that ensures maximum value and minimal risk for our clients.

CONTACT

Jennifer Cullen
Prosek Partners for Hudson Valley Property Group
[email protected]

SOURCE Hudson Valley Property Group