HVPG Makes Massachusetts Debut With Boston Buy
KeyBank provided a Fannie Mae loan to preserve the communities' affordability.
Hudson Valley Property Group has entered the Massachusetts affordable housing market with the acquisition of Boston Bay and Hope Bay, two communities in Boston’s Dorchester neighborhood. The purchase adds 133 affordable units across 20 buildings to HVPG’s portfolio.
KeyBank provided a Fannie Mae loan to assist the communities’ preservation as affordable housing. The total preservation cost is $52.5 million.
“We’re very excited to bring HVPG’s preservation platform to Massachusetts, which represents a critical affordable housing market,” Andy Cavaluzzi, co-founder and partner at HVPG told Multi-Housing News. “We absolutely see opportunity for continued growth throughout the state and New England.”
Located about 5 miles from downtown Boston, the properties were built between 1890 and 1920. HVPG is planning a $6.4 million renovation, an investment of $48,000 per unit. Those improvements will include Energy Star appliances, security upgrades and LED lighting. The renovation will take 12 months.
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Through a partnership with Pinata, residents will have access to renters’ insurance and credit reporting services as well as HVPG’s Community Enhancement Program. The program includes on-site guards and security cameras throughout the property.
The acquisition comes as new construction in the Boston metro has slowed. As of September 2025, 4,820 units had been delivered in the market year-to-date, and another 14,325 were underway, according to a Yardi Matrix report. Overall occupancy is 96.2 percent with an average asking rent of $2,942.
With this acquisition, HVPG secured new HUD Project-Based Section 8 HAP contracts, extending affordability by 27 years at Boston Bay and 31 years at Hope Bay, a step that reflects broader affordable housing trends. The contracts keep all 133 units affordable and cap household rental payments at 30 percent of annual income.
“With 100% of units covered by HUD Project-Based Section 8 contracts, we could ensure long-term affordability while addressing deferred maintenance through our platform,” Cavaluzzi said. “The Dorchester location also offers strong fundamentals with access to public transportation, schools, and employment centers—all critical factors for family stability and upward mobility.”
Prior to the acquisition, UHM Properties was the on-site property manager and will continue in that role. A Stop & Shop market and Ceylon Park, a city recreation facility, are nearby.
HVPG’s buying streak
Earlier this year, Hudson Valley Property Group purchased Jackson Terrace in Hempstead, N.Y., its first acquisition in Nassau County. The property opened in 1972 and features 420 apartments for households earning 60 percent of area median income, Yardi Matrix shows.
In December 2025, the company expanded in New Jersey with the purchase of Asbury Gardens in Asbury Park, N.J. According to Yardi Matrix, KeyBank provided an $18.6 million Freddie Mac loan for the deal. One year earlier, HVPG partnered with Wheelock Street Capital for a 22-property affordable housing portfolio spanning more than 4,700 units.
All told, the company has preserved more than 18,000 units across 97 properties. Its current portfolio comprises 16,300 units across 13 states.
