Hudson Valley Property Group (HVPG), a New York-based real estate company, has recently acquired a portfolio of five properties totaling 1140 units in the D.C. metropolitan area and North Carolina for $208 million. The properties are located in Maryland’s Prince George’s County and Montgomery County, as well as Gastonia, North Carolina.
The portfolio includes Rock Creek Terrace in Rockville, MD; Village Square in Gastonia, NC (150 units); Central Gardens in Capitol Heights, MD (96 units); Millwood Townhomes in Capitol Heights, MD (77 units); Pleasant Homes in Seat Pleasant ,MD(287units) ;andRockCreekTerraceinRockville,Md(528units). HVPG plans to invest approximately $13 million into renovations that will focus on infrastructure upgrades and improvements to individual living spaces. These efforts will also extend the affordability of the properties by an average of 29.5 years through new or assumed governing regulatory agreements with HUD,Fannie Mae,andPrinceGeorge’sCounty.FundingfortheacquisitionandrenovationswassecuredfromHVPG’slatestfundaswellasdebtfinancingfromFannieMaearrangedthroughJLL.(Photo:RockCreekTerraceinRockville,Md)
The acquisition was made possible through financing from HVPG’s latest fund and debt financing from Fannie Mae arranged through JLL.The company plans to make significant investments into renovating these properties while also extending their affordability for decades to come.This move is part of HVPG’s strategy for growth within this market.Photo credit goes out to Rock Creek Terrace located at its namesake location,Rockville,Maryland.
