CAMDEN, NJ – Hudson Valley Property Group (HVPG), a leading national affordable housing preservation company, announced the completion of a $130 million preservation and renovation project at The Encore (formerly Northgate One), a 321-unit, 21-tale affordable family housing tower at 433 North 7th Street in Camden, New Jersey. The 18-month renovation was completed in August 2025 using an on-site relocation approach that allowed all residents to remain at the property throughout construction.
HVPG marked the milestone on June 4 with an official ribbon-cutting ceremony alongside city, county, state, and federal partners. During the event, city officials announced plans to designate the area between 7th Street and Elm Street as “Hudson Valley Way” in 2027 in recognition of the firm’s transformative investment in Camden.
“I am so excited for our North Camden neighborhood and commend Hudson Valley Property Group for committing to the City of Camden,” said Camden Mayor Victor G. Carstarphen. “The ribbon cutting for The Encore is not only a new beginning for the building, but also for its residents. I am impressed by the enhanced community spaces, amenities, and high-quality renovations. It’s a vibrant environment and the overall transformation is simply remarkable. The $130 million investment in this property will ensure an improved quality of life while preserving its long-term affordability for generations to come.”
“This project exemplifies our commitment to preserving and enhancing affordable housing in the communities that need it most,” said Jason Bordainick, Co-Founder and Managing Partner of HVPG. “Strong communities are built through strong partnerships, and The Encore is proof of what those partnerships can achieve.”
The $48 million construction scope included the comprehensive renovation of all 321 units alongside a reimagined façade, infrastructure updates, new amenity spaces, and energy-efficiency improvements expected to reduce energy consumption by 28.3%. Unit upgrades included new kitchens with Energy Star appliances, renovated bathrooms featuring WaterSense fixtures, through-wall heat pumps providing heat and air conditioning, new flooring, and LED lighting.
New amenities include a fitness center, business center, community room and energy-efficient laundry facilities, as well as a restored two-tale penthouse appointed with era-appropriate décor that will be used for special events. Residents also benefit from free Citizens-funded high-speed internet access throughout all units and common areas, helping expand access to education, job opportunities, and essential digital resources.
The project also delivered significant security enhancements through HVPG’s formal Community Enhancement Program, including the installation of a sitewide high-definition monitoring system, an audiovisual intercom system, access control at all entrances, a site-specific emergency plot, and active collaboration with the Camden Police Department.
“This is the first time in a long time that I felt safe. I started to feel unsafe after 30 years of living here — and you guys gave us back our security,” said Karen Merricks, a 30-year resident of The Encore. “The change is undeniable. Residents are proud of their apartments, and the atmosphere in the building has shifted completely.”
The Encore represents one of the first affordable housing preservation projects to leverage New Jersey’s new Aspire tax credit program, administered by the New Jersey Economic Development Authority (NJEDA) under the Economic Recovery Act of 2020.
“The NJEDA’s Aspire Program supports Governor Sherrill’s mission to expand housing options across the state, including for families in the City of Camden,” said Evan Weiss, Chief Executive Officer of NJEDA. “This was a major renovation project that will help improve the quality of life for the residents of The Encore and expand access to community programming for families. Investments like this help bolster community revitalization, strengthen neighborhoods, and expand opportunities for future generations.”
Long-term affordability is locked in through a new 20-year project-based Section 8 HAP contract covering 96.5% of units which ensures residents pay no more than 30% of their income towards rent. The property is additionally subject to a 30-year LIHTC compliance period restricting all units to households earning no more than 60% of Area Median Income.
“Today marks a new start for the 300-plus residents of The Encore, the property formerly known as Northgate One,” said Melanie R. Walter, Executive Director of NJHMFA. “The rehabilitation of this 21-tale building, which was facilitated by $49 million in Low-Income Housing Tax Credits from NJHMFA, has modernized the property’s infrastructure and provided desperately needed improvements for every resident, making The Encore a striking embodiment of the spirit of renewal and transformation that drives ‘Camden Rising.'”
Beyond the physical transformation, The Encore introduced three community-centered programs:

Encore Kids! — Funded by Citizens Bank, this 1,300+ square-foot facility is a unique indoor children’s play space featuring wooden play structures and Montessori toys secured with access control and monitored security cameras. This no-fee amenity is available to all families at the property throughout the day.
Fresh Artists — A partnership with the nationally recognized Philadelphia-based nonprofit Fresh Artists showcases artwork by Camden-area students in the building’s common areas while funding art programs in underserved public schools.
Pineland Alliance Urban Farm — An on-site produce farm empowering residents to grow and access fresh produce through educational programming and cooking demonstrations.

Citizens Bank provided a $32.9 million construction loan and $53.3 million in Low-Income Housing Tax Credit (LIHTC) equity to support the renovation. The bank also invested an additional $1 million in Housing Opportunity Fund equity to enhance key resident-focused amenities at the property.
“The Encore shows what’s possible when public and private partners come together with a shared focus on residents,” said Dan Fitzpatrick, President of Mid-Atlantic and Midwest Banking at Citizens Bank. “Alongside the redevelopment, we were proud to support enhancements that make everyday life simpler for families and help strengthen communities over the long term.”
HVPG thanks its partners, including HUD, NJEDA, the New Jersey Housing and Mortgage Finance Agency (NJHMFA), the Camden County Improvement Authority, the City of Camden, Enterprise Community Partners, PGIM, Citizens Bank, BlueHub Capital, Fallbrook Finance, The Metro Company, KMA Design Studio, ETC, Fresh Artists, and Pineland Alliance.

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ORLANDO, FL – Halstatt Real Estate Partners, a real estate private equity firm, announced the acquisition of Cypress Run, a multifamily community located in Orlando, Fla. The property was bought in partnership with GoldOller Real Estate Investments, a long-standing Halstatt partner.
Cypress Run represents an opportunity to buy a well-maintained asset in one of Orlando s fastest-growing corridors at an attractive basis, said Steven Iannaccone, managing principal, Halstatt Real Estate Partners. The property benefits from durable demand drivers, limited new supply within the submarket, and a business plot that allows us to thoughtfully enhance the community while further positioning the asset within its competitive set.
Located in East Orlando, Cypress Run is near several of the region s most significant long-term economic drivers, including Orlando International Airport s ongoing $6 billion expansion and the 650-acre Lake Nona Medical City. The submarket has experienced limited new multifamily supply in recent years and continues to benefit from demand driven by the area s growing healthcare, education, and service-oriented workforce. The partnership plans to implement a value-add renovation program focused primarily on interior upgrades, including new appliances, countertops, and updated finishes and fixtures.
This marks another investment between Halstatt and GoldOller, which manages more than 40,000 apartment units across 10 states and maintains a significant operational presence throughout Orlando. The firms have previously partnered on the SunMeadows Portfolio and the recent acquisition of Isles at East Millenia.
Halstatt Real Estate Partners invests in value-add and opportunistic real estate projects across Florida, Texas, and the Southeast, partnering with experienced sponsors to reposition assets and strengthen portfolio performance. In addition to its multifamily investments, Halstatt has been an early mover in the build-to-rent sector, with seven projects totaling more than 1,350 units across Florida, Texas, and Ohio.

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CLEMSON, SC – Balfour Beatty Communities, a national residential real estate investment and management company, announced the successful acquisition of Clemson Village, a 96-unit, 288-bed student housing community serving Clemson University in Clemson, South Carolina. This strategic acquisition further expands the company s presence in high-performing university markets and marks its second acquisition within the NCAA Division I Atlantic Coast Conference (ACC), following the investment in Oktiv, serving Florida State University students.
Clemson Village offers students distinctive residential living experience through its low-density duplex design, providing greater privacy and space than traditional apartment-style student housing. Located less than a mile away from Clemson University, the property is conveniently walkable to campus and provides residents with seamless connectivity via dedicated transit access.
The community consists of 96 three-bedroom, three-bathroom units, situated on 18 acres. Designed with comfort and functionality in mind, each fully furnished unit includes modern finishes, private bedrooms and bathrooms, and expansive living spaces, complemented by a robust amenity package that includes a clubhouse, resort-style pool, fitness center, study areas, and outdoor recreation spaces.
We are excited to add Clemson Village to our growing student housing portfolio, said Lisa Dailey, Senior Vice President of Multifamily Acquisitions at Balfour Beatty Communities. The property s unique duplex configuration combined with its prime location makes it an exceptional fit for our investment strategy. Clemson University continues to demonstrate strong enrollment growth and long-term demand for high-quality off-campus housing, and Clemson Village is well positioned to benefit from these favorable trends.
The Clemson student housing market continues to exhibit strong demand, supported by the university s academic reputation, vibrant campus environment, and consistent need for purpose-built housing options. Clemson Village is well positioned to benefit from these trends while offering residents a distinctive choice in living option. Following the acquisition, Balfour Beatty Communities plans to implement a series of enhancements designed to further elevate the resident experience and support the property s long-term performance.
This acquisition underscores Balfour Beatty Communities commitment to thoughtful portfolio growth—focusing on well-located communities with lasting appeal and investing in ways that enhance both the resident experience and long-term value.

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