By Joshua Burd
Hudson Valley Property Group has acquired a 170-unit multifamily complex in Asbury Park, expanding a portfolio that now includes nearly 30 properties in the state.
The firm, which specializes in affordable housing preservation, paid an undisclosed price in the transaction at 120 Monmouth Ave. and 1100 Atlantic Ave. It’s now planning a roughly $7.6 million update that it says will prioritize building modernization, high-end security, energy-efficient and water-saving upgrades and resident quality of life improvements.
To that end, HVPG expects to renovate in-unit kitchen and bathroom amenities and upgrade property common areas with a new business center, new roofing and complimentary high-speed WiFi for residents, according to a news release. The project will also include a playground, site lighting and landscaping upgrades, electric vehicle charging stations and an urban farm developed in partnership with locally based Kula Urban Farms.
The landlord will also provide services and programming based on direct survey feedback from residents, with a focus on access to education and other resources to best serve the Asbury Gardens community.
“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,” said Jason Bordainick, co-founder and managing partner of HVPG. “We look forward to working closely with the City of Asbury Park, the State of New Jersey and (the U.S. Department of Housing and Urban Development) to protect the city’s supply of quality, affordable housing amid rising demand.”
HVPG, which now owns and operates 28 properties in New Jersey, secured a new HUD project-based Section 8 HAP contract, which means nearly all residents will spend no more than 30 percent of their annual income on rent, the news release said. The property is further restricted to renters earning no more than 60 percent of the area median income, steps that will preserve the property’s affordability for another 27 years.
The City of Asbury Park supported those efforts with a new 35-year payment in lieu of taxes agreement, HVPG said. It’s also financing the project through a combination of equity from its own preservation fund and a Freddie Mac loan provided by KeyBank.
