Hudson Valley Property Group Acquires Boston Bay And Hope Bay Preserving One Hundred Thirty Three Affordable Units In Dorchester
Hudson Valley Property Group (HVPG) has acquired Boston Bay and Hope Bay, two adjacent affordable housing properties in Dorchester, Boston, totaling 133 family units. The acquisition marks HVPG’s entry into the Massachusetts market and expands its New England footprint.
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 built between 1890 and 1920. Total project costs for this preservation effort are approximately $52.5 million, financed with a Fannie Mae loan provided by KeyBank. HVPG plans roughly $6.4 million in renovations, averaging about $48,000 per unit.
Planned renovations include complete kitchen and bathroom upgrades with water-saving fixtures, Energy Star appliances, and modern finishes. Common area improvements, upgraded security features, and LED lighting for building exteriors and shared spaces are also included to improve energy efficiency and resident safety.
“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 percent of the units. These contracts are leased to income-qualified residents and limit household rental payments to 30 percent of annual income. Following the acquisition and rehabilitation, affordability will be extended for an additional 27 years at Boston Bay and 31 years at Hope Bay.
As part of resident-focused programming, HVPG will partner with Pinata to provide renters insurance and credit reporting services that enable residents to build credit through on-time rent reporting. The firm will implement its Community Enhancement Program, installing security cameras, access control systems, and maintaining roaming guard patrols. UHM Properties will remain as onsite property management to preserve continuity of resident services.
SVN Affordable | Levental Realty served as exclusive listing broker, with Jamie Renzenbrink and Gene Levental leading the transaction. “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.
HVPG currently operates across 13 states with a portfolio exceeding 16,300 units. This transaction reflects continued investor activity focused on preserving affordability in high-cost markets. Multifamily Leadership will continue tracking preservation and investment trends that affect operations, resident outcomes, and community stability.