Last December, Hudson Valley Property Group made one of the biggest acquisitions in the affordable apartment space, buying a 22-property portfolio comprising 4,768 units across the western United States from Spokane, Washington-based Inland Group.
As 2025 draws to a close, New York City-based HVPG continues to add to its portfolio. On Dec. 2, the firm announced the acquisition of Asbury Gardens, a two-building multifamily property in Asbury Park, New Jersey, according to a press release.
Jason Bordainick, co-founder and managing partner of HVPG, told Multifamily Dive that the process to acquire Asbury Gardens was competitive.
“What differentiated HVPG was our proven track record, deep understanding of New Jersey’s regulatory environment, and commitment to long-term affordability,” he said in emailed comments. “Sellers today prioritize certainty of closing and mission alignment, which is where we excel.”
HVPG is planning approximately $7.6 million in renovations to modernize the buildings and enhance energy efficiency and security. The upgrades will include a new business center, new roofing, complimentary high-speed Wi-Fi, a playground, site lighting, landscaping updates, electric vehicle charging stations and an urban farm.
To ensure residents won’t pay more than 30% of their annual income on rent, HVPG secured a new HUD project-based Section 8 HAP contract. The property is also restricted to lease to residents earning no more than 60% of area median income. The firm also secured new contracts to extend affordability for an additional 27 years.
To support preservation, the city of Asbury Park provided a new 35-year payment in lieu of taxes agreement. The project is being financed with equity from HVPG’s preservation fund and a Freddie Mac loan provided by KeyBank.
With the acquisition, HVPG currently owns and operates 27 properties in New Jersey. Bordainick said that Asbury Park “exemplifies the type of community” where the firm’s preservation efforts can provide “meaningful, long-term impact.”
“New Jersey is a high-cost-of-living, high-demand market that aligns perfectly with HVPG’s preservation thesis,” Bordainick said. “While proximity to our headquarters is beneficial, our focus is driven primarily by the significant need for quality affordable housing and our long-standing partnerships with local stakeholders.”
HVPG plans to continue chasing acquisition opportunities in New Jersey and elsewhere next year.
“While the broader market may be cautious, we anticipate increasing opportunities as legacy owners exit space,” Bordainick said. “Preservation is poised to outpace new construction, and with growing investor interest in affordable housing, combined with new capital, HVPG is well-positioned to lead the next wave of acquisitions.”
Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday.
