BOSTON — Hudson Valley Property Group (HVPG), a New York-based affordable housing owner-operator, has purchased Boston Bay and Hope Bay, two adjacent properties totaling 133 units in the Dorchester area of Boston. The properties comprise 20 buildings that were constructed between 1890 and 1920. HVPG plans to invest about $6.4 million ($48,000 per unit) in renovations to both properties, including upgrades to kitchen and bathroom fixtures and appliances, as well as common area enhancements and upgraded security and lighting features. Capital improvements will ensure long-term affordability of both assets.
PITTSFIELD TOWNSHIP, MICH. — Lockwood Cos. has opened Haverhill on Clark, a 295-unit affordable housing community located at the southwest corner of Clark and Golfside roads in Pittsfield Township near Ann Arbor. Haverhill on Clark represents a more than $76 million investment in Pittsfield Township and Washtenaw County. The community is located across from Washtenaw Community College and Trinity Health St. Joseph Mercy Hospital. Amenities include a pool, fitness center, gathering spaces, outdoor play structures, electric vehicle charging stations and pet-friendly accommodations.
HEMPSTEAD, N.Y. — Marcus & Millichap has negotiated the sale of Jackson Terrace Apartments, a 420-unit affordable housing complex located in the Long Island community of Hempstead. The six-story building was originally constructed in 1972. Michael Tuccillo of Marcus & Millichap represented the buyer, an affiliate of Hudson Valley Property Group, in the transaction. The seller was self-represented. The new ownership plans to invest about $23 million to upgrade unit interiors, building exteriors and mechanical/utility systems as a means of preserving long-term affordability.
DALLAS — April Housing, the affordable housing arm of Blackstone Real Estate, has completed the renovation of West Virginia Park Apartments in South Dallas. The 204-unit affordable housing complex was originally built in 2004 and offers one-, two- and three-bedroom units, as well as a clubhouse, fitness center and a pool. The renovation delivered new fixtures, lighting and appliances to all units’ kitchens and bathrooms, as well as upgraded amenity spaces and modernized building systems. April Housing partnered with the Dallas Housing Finance Corp. and PNC Bank on the project. FTK Construction Services served as the general contractor.
SANTA MARIA, CALIF. — Step Up Housing has acquired Hancock Terrace, a multifamily property located at 534 E. Boone St. in Santa Maria. Sack Capital Partners and Align Finance Partners closed on structured financing for the $75 million purchase. Sack will also provide asset and property management for the community. In an effort to expand housing options in the area, Step Up and Sack will immediately begin conversion of 75 percent of the units to affordable housing. Built in 2016, Hancock Terrace features 272 studio, one-, two- and three-bedroom floor plans, a swimming pool, 24-hour fitness center, two spas, a yoga studio, large clubhouse with TV lounge and demonstration kitchen, a dog park, children’s play area, ample onsite parking and elevator service. Institutional Property Advisors represented the undisclosed seller in the deal.
MOJAVE, CALIF. — Pro Residential Services has acquired Park Palace Apartments, an affordable housing property in Mojave, from Park Plaza One Apts LP for $8.9 million. Cray Carlson of CBRE represented both parties in the transaction. Located at 16193 and 16197 H St., Park Palace Apartments offers 162 apartments. Constructed in 2007 and 2011, the property operates as a low-income housing tax credit community. The asset is subject to long-time affordability requirements under its regulatory agreement with approximately 55 years of restrictions remaining.
TAMPA, FLA. — JLL has secured a $19 million mezzanine loan for the construction of River Vista, a 268-unit workforce housing development located at 4504 Clewis Ave. in Tampa. Brian Gaswirth and Michael Romero of JLL arranged the financing through a credit venture of Crow Holdings Capital on behalf of the borrower, Vista Residential Partners. River Vista will offer a mix of one-, two- and three-bedroom apartments averaging 989 square feet in size. Amenities will include nature trails, overlooks of the Hillsborough River, multiple club rooms, coworking spaces, a fitness center, pet spa and a dog park. The construction timeline and additional financing details were not disclosed.
NEW YORK CITY — A joint venture between Slate Property Group and Thorobird Cos. will develop a 213-unit multifamily project in Brooklyn. Designed by Think! Architecture + Design PLLC, the building will be located on a city-owned site at 570 Eldert Lane in the borough’s Cypress Hills area. Of the 213 units, 66 apartments, which will come in one-, two-, three- and four-bedroom floor plans, 66 will be set aside for formerly homeless residents. The remaining units will be reserved for households earning between 40 and 80 percent of the area median income. The building will also have 10,000 square feet of community space that will be operated by the Bangladeshi American Community Development & Youth Services. Completion is slated for summer 2028, with full occupancy planned for 2029.
REVERE, MASS. — MassDevelopment has provided $23.5 million in tax-exempt bond financing for a 56-unit affordable housing project in Revere, located just east of Boston. The building at 110 Ocean Ave. will have 32 units for households earning 50 percent or less of the area median income (AMI) and 24 units for households earning 30 percent or less of AMI. In addition to 48 one-, two- and three-bedroom units, the building will also have eight group living units. The borrower is an affiliate of local owner-operator The Neighborhood Developers.Construction is underway and is expected to be complete in fall 2027. TD Bank purchased the bond.
CHATTANOOGA, TENN. — A public-private partnership between The Atlantic Cos., the City of Chattanooga and American South Capital Partners has broken ground on 702 Manufacturers Road, a 278-unit mixed-income residential development along the Tennessee River in Chattanooga. The project is the first to utilize the City of Chattanooga’s affordable housing PILOT program, which ensures that 15 percent of the units (42 in total) will have income restrictions affordable to the city’s workforce housing residents. Ameris Bank and American South Capital Partners are providing construction financing for the development, which Patterson Real Estate Advisory Group arranged. Set for completion in late 2027, 702 Manufacturers Road will offer a mix of studio, one- and two-bedroom floorplans, as well as a sky lounge and terrace and direct access to the river. The project team includes Brock Hudgins Architects, Kimley-Horn and McShane Construction Co.
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