Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Long Island  + Apartments  | 

HVPG Makes Its First Affordable Acquisition in Nassau County

Hudson Valley Property Group (HVPG) has acquired 100 Terrace Apartments, a 420-unit affordable housing property located at 100 Terrace Ave. and formerly known as Jackson Terrace Apartments, in Hempstead, NY. The acquisition, reportedly for $107 million, marks HVPG’s first property in Nassau County and expands the firm’s presence on Long Island, where it also operates a property in Suffolk County.

Total project costs related to this transaction are approximately $145 million. HVPG plans approximately $23 million in renovations, averaging $55,000 per unit, to modernize the six-story, mid-rise building originally constructed in 1972.

“Long Island remains one of the most competitive regions for affordable housing investments, and this sale reflects the strong demand for multifamily assets driven by consistent performance and long-term stability,” said Michael Tuccillo with Marcus & Millichap in Manhattan. Tuccillo procured the buyer, Hempstead Preservation LLC, an affiliate of HVPG. The seller, Terrace 100 L.P., was self-represented.

Read More News Stories About: Marcus & Millichap
Connect

Inside The Story

Hudson Valley Property GroupMarcus & Millichap's Tuccillo

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition