Hudson Valley Property Group Expands Affordable Housing in New Jersey with Asbury Gardens Acquisition

Hudson Valley Property Group Expands Its Portfolio with Asbury Gardens Acquisition

Hudson Valley Property Group (HVPG) has taken a significant step forward in its mission to preserve affordable housing by acquiring the Asbury Gardens property located in the vibrant city of Asbury Park, New Jersey. This acquisition, marking HVPG's 28th project in New Jersey, involves two multifamily buildings situated at 120 Monmouth Avenue and 1100 Atlantic Avenue, safeguarding an additional 170 units of affordable housing within the state.

Commitment to Community Enhancement

HVPG is not just in the business of real estate; it aims to enhance community life. This acquisition expands their operational footprint in New Jersey, where they already manage 27 properties. The firm is committed to implementing its Community Enhancement Program, which focuses on significant upgrades and improved safety measures for residents. By prioritizing resident feedback through direct surveys, HVPG aims to tailor the services and offerings that would best suit the community’s needs.

Jason Bordainick, co-founder and managing partner of HVPG, expressed excitement about this expansion: “We’re excited to expand our presence in New Jersey and build on our commitment to delivering essential improvements and supportive services to our residents and communities.” The collaboration with the City of Asbury Park, state authorities, and the U.S. Department of Housing and Urban Development (HUD) is key to maintaining a supply of high-quality, affordable housing as demand continues to grow.

Extensive Renovation Plans

As part of the acquisition, HVPG has committed approximately $7.6 million for renovations at Asbury Gardens. These renovations will prioritize modernizing buildings, enhancing security features, and upgrading energy efficiency and water management systems. Residents can look forward to an array of improvements including new kitchens and bathrooms, refreshed common areas with a business center, new roof installations, and complimentary high-speed Wi-Fi.

Additional upgrades involve revamping the property’s playground, enhancing site lighting, landscaping improvements, installing electric vehicle charging stations, and even developing an urban farm in collaboration with Kula Urban Farms, a local institution focused on community well-being. These changes not only improve the living conditions but also align with HVPG’s goal to create a sustainable, enriching environment for all residents.

Long-term Affordability Assured

To ensure that housing remains affordable for its residents, HVPG successfully secured a new HUD project-based Section 8 Housing Assistance Payments (HAP) contract. This arrangement guarantees that nearly all residents will pay no more than 30% of their yearly income on rent. Furthermore, the property will exclusively lease to individuals earning no more than 60% of the Area Median Income (AMI), thereby maintaining this level of affordability for the next 27 years.

The City of Asbury Park has also been a supportive partner, assisting in this preservation effort with a 35-year PILOT agreement, which facilitates the financial aspects of maintaining affordable housing. The project funding is structured through a combination of equity from HVPG's preservation fund and a Freddie Mac loan from KeyBank, equating to a direct investment of $45 million aimed at preserving and enhancing affordable housing for low-income families in the area.

Looking Ahead

For Hudson Valley Property Group, the acquisition of Asbury Gardens symbolizes more than just property ownership; it represents a steadfast commitment to enhancing the quality of affordable housing across the United States. The mission is clear: to not only preserve but also enrich the lives of residents by providing outstanding living conditions and community support. With over 17,531 units preserved across more than 94 properties, HVPG continues to exemplify what it means to be a leader in affordable housing preservation in America. For more information on HVPG and its initiatives, visit their website at hudsonvalleypropertygroup.com.