Boston — Hudson Valley Property Group (HVPG), a national affordable housing preservation firm, has announced the acquisition of Boston Bay and Hope Bay, two adjacent affordable housing properties in Boston’s Dorchester neighborhood. The acquisition marks HVPG’s first entry into the Massachusetts market and adds 133 family housing units to the firm’s growing New England portfolio.
The properties are located at 205 Magnolia Street (Boston Bay) and 5 Norwell Street (Hope Bay) and comprise 20 buildings across two scattered sites. Originally constructed between 1890 and 1920, the communities are being preserved through a project with total costs of approximately $52.5 million, financed with a Fannie Mae loan provided by KeyBank.
HVPG plans to invest approximately $6.4 million in renovations, averaging about $48,000 per unit. Planned improvements include full kitchen and bathroom upgrades with water-saving fixtures, Energy Star appliances, and modern finishes, along with common area enhancements and upgraded security features. LED lighting will be installed in exterior and common areas to improve 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 while modernizing homes for residents.”
As part of the acquisition, HVPG secured new HUD Project-Based Section 8 Housing Assistance Payment contracts covering 100 percent of the units, ensuring rents remain affordable for income-qualified households. The rehabilitation will extend affordability for an additional 27 years at Boston Bay and 31 years at Hope Bay.
The firm will also introduce several resident-focused initiatives, including access to renters’ insurance and credit-building services through a partnership with Pinata, as well as its Community Enhancement Program, which includes enhanced security systems and continued guard patrols. UHM Properties will remain as onsite property manager, maintaining continuity of resident services.
HVPG currently operates in 13 states with a portfolio of more than 16,300 units nationwide. The transaction was brokered by SVN Affordable | Levental Realty, with Jamie Renzenbrink and Gene Levental leading the deal on behalf of the firm.
