Hudson Valley Property Group Acquires Boston Bay and Hope Bay in Dorchester Preserving Affordable Housing

Hudson Valley Property Group (HVPG) has acquired Boston Bay and Hope Bay, two adjacent affordable family housing communities in Dorchester, Massachusetts, totaling 133 units across 20 buildings located at 205 Magnolia Street and 5 Norwell Street. The buildings, originally constructed between 1890 and 1920, mark HVPG's entry into the Massachusetts market and expand the firm’s presence across New England.

Total project costs for this preservation initiative 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. The scope includes full kitchen and bathroom upgrades with water-saving fixtures, ENERGY STAR appliances, contemporary finishes, improved common areas, upgraded security features, and LED lighting for building exteriors and shared spaces to enhance 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 for 100 percent of the units, each leased to income-qualified residents with rental payments limited to 30 percent of household income. Affordability at Boston Bay will be extended for 27 years and at Hope Bay for 31 years under the new structure.

The acquisition also includes resident-focused programs. Through a partnership with Pinata, residents will be offered renters insurance and credit reporting services that report on-time rent payments to credit bureaus. HVPG will deploy its Community Enhancement Program, which installs security cameras and access control systems and maintains roaming guard patrols. UHM Properties will remain onsite as property manager to preserve continuity of resident services.

This transaction advances HVPG’s regional preservation strategy. The firm now operates across 13 states with a portfolio exceeding 16,300 units. 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.

This project illustrates how financing, preservation strategies, and targeted resident services can extend affordability and improve housing quality in high-cost urban markets.