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HVPG Buys 1140-Unit Portfolio for $208M
New York-based Hudson Valley Property Group (HVPG) has acquired a five-property portfolio comprising 1140 units across the D.C. metropolitan area and North Carolina for $208 million.
The properties, located in Maryland’s Prince George’s County and Montgomery County, as well as Gastonia, North Carolina, include 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); and Pleasant Homes in Seat Pleasant, MD (287 units); and Rock Creek Terrace in Rockville, MD (528 units).
HVPG plans to invest approximately $13 million in renovations, focusing on infrastructure upgrades and in-unit improvements, while extending the properties’ affordability by an average of 29.5 years through new or assumed governing regulatory agreements with HUD, Prince George’s County, and Fannie Mae. Financing for the acquisition and renovations was secured from HVPG’s latest fund and debt financing from Fannie Mae arranged through JLL. (Photo: Rock Creek Terrace in Rockville, MD)
- ◦Sale/Acquisition
