BOSTON, MA – Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced the acquisition of Boston Bay and Hope Bay, two adjacent affordable housing properties comprising 133 family units located in the Dorchester neighborhood of Boston, Massachusetts. This acquisition marks HVPG’s entry into the Massachusetts affordable housing market and expands the firm’s footprint across New England.
The properties, located at 205 Magnolia Street (Boston Bay) and 5 Norwell Street (Hope Bay), consist of 20 buildings across two scattered sites originally constructed between 1890 and 1920. Total project costs related to this preservation project are approximately $52.5 million, funded with a Fannie Mae loan provided by KeyBank.
HVPG is plotting approximately $6.4 million in renovations, averaging ~$48K per unit. The comprehensive scope of work will include complete kitchen and bathroom upgrades with water-saving fixtures, energy star appliances, and modern, market rate finishes. There will be additional common area enhancements and upgraded security features added throughout both properties. Additionally, LED lighting will be installed at building exteriors and common areas to enhance resident safety and energy efficiency.
“We are proud to bring HVPG’s preservation platform to Boston and Massachusetts,” said Jason Bordainick, Co-Founder and Managing Partner of Hudson Valley Property Group. “Boston Bay and Hope Bay represent an opportunity to preserve critical affordable housing in one of the nation’s most supply-constrained markets. Our investment will ensure that 133 families can continue to call Dorchester home while benefiting from modernized living spaces and enhanced amenities. We look forward to partnering with the City of Boston and HUD to safeguard affordability and elevate quality of life for residents.”
HVPG secured new HUD Project-Based Section 8 HAP contracts covering 100% of the units which are leased to income-qualified residents. These contracts limit household rental payments to 30% of annual income. As a result of this acquisition rehab, affordability will be extended for an additional 27 years at Boston Bay and 31 years at Hope Bay.
As part of HVPG’s commitment to enhancing quality of life for residents, the firm will implement several community-focused initiatives at both properties. Through a partnership with Pinata, residents will have access to renters’ insurance and credit reporting services that enable them to build credit by reporting on-time rent payments to credit bureaus. HVPG will introduce its signature Community Enhancement Program, which includes the installation of security cameras and access control systems throughout both properties, complemented by continued roaming guard patrols to ensure resident safety. Additionally, HVPG will retain UHM Properties as onsite property management, ensuring continuity of the resident services programming currently offered through their central office.
This acquisition builds on HVPG’s regional expansion strategy and commitment to preserving affordable housing in high-cost markets across the Northeast. The firm currently operates properties across 13 states, with their current portfolio spanning more than 16,300 units nationwide.
SVN Affordable | Levental Realty was the exclusive listing broker for the seller and Jamie Renzenbrink and Gene Levental led the transaction on behalf of the firm.
“It was a privilege to represent the seller’s interest in this transaction, and after multiple rounds of competitive bidding with many qualified buyers at the table, we are pleased the seller selected Hudson Valley as the new owners of Boston and Hope Bay,” said Gene Levental, Managing Director, SVN Affordable. Given the age and construction of the buildings, meaningful renovation can be challenging, but HVPG’s proposed capital plot and financing structure will allow for long-term preservation and affordability of the assets, which was extremely vital to the seller.”

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RICHMOND, VA – Capital Square, a leading sponsor of tax-advantaged real estate investments and an active developer and manager of housing communities across the nation, has officially opened Chasen, a 352-unit, Class A, multifamily community in Richmond, Virginia’s Scott’s Addition qualified opportunity zone. This milestone marks the firm’s fifth successful opportunity zone development completed in Richmond’s premier dining and entertainment neighborhood.
The grand opening event featured a host of local dignitaries, including Richmond Mayor Dr. Danny Avula, Katherine Jordan of Richmond City Council, Capital Square Co-CEOs Louis Rogers and Whitson Huffman, and other key partners and development team leaders. After the reception and speeches, attendees toured the building’s market-leading residences and amenity spaces.
“The opening of Chasen represents another vital milestone for Capital Square and for the continued evolution of Scott’s Addition,” said Whitson Huffman, co-chief executive officer and chief investment officer of Capital Square. “A testament to how opportunity zone legislation can transform both neighborhoods and investor outcomes, Chasen reflects our commitment to making high-quality residential communities that elevate the urban living experience. With its luxury amenities and premium finishes, Chasen offers residents a sophisticated lifestyle while reinforcing Scott’s Addition’s position as one of Richmond’s most dynamic and desirable neighborhoods.”
Located in the heart of Scott’s Addition, the community includes three six- and seven-tale residential buildings above podium parking with over 5,350 square feet of ground-level retail space. Units average 845 square feet with premium appliances and finishes, including quartz countertops, tile back splashes and luxury tile throughout. Community amenities include a resort-style zero-edge pool, fitness center, wellness studio, co-working space, dog wash station, resident lounges, lush courtyards with native Virginia landscaping and a rooftop terrace.
Capital Square has been the most active developer within the Scott’s Addition neighborhood since 2020, having completed five Class A mixed-use multifamily communities: INK at Scott’s Collection, VIV at Scott’s Collection, GEM at Scott’s Collection, Otis and Chasen, all within walking distance of one another.
The project team included Poole & Poole Architecture as building architect, Timmons Group as civil engineer and Hourigan Construction as general contractor. The design team included ENV as interior designer and Marvel Designs as landscape designer.
Chasen was funded with proceeds from Capital Square’s seventh qualified opportunity zone fund, CSRA Opportunity Zone Fund VII, LLC. Conceived as part of the Tax Cuts and Jobs Act of 2017, opportunity zone funds are intended to help foster economic growth by providing tax benefits to incentivize private investments in designated opportunity zones. More recently, Capital Square launched CSRA Opportunity Zone Fund IX, LLC to fund the construction of another luxury multifamily development in the Scott’s Addition neighborhood.
Natalie Mason, co-head of development at Capital Square, added, “Scott’s Addition has incredible energy, and Chasen puts residents right in the center of it all. From the local breweries and restaurants to the walkable streets and creative community, this neighborhood offers something truly unique. We’re excited to give people the opportunity to live here and experience everything this area has to offer.”

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ATLANTA, GA – NewStar Exchange, a subsidiary of NEWSTAR, announced that it has bought Sweetwater Springs, a newly-constructed Class A townhome apartment community in Atlanta, Georgia, and launched a new Delaware Statutory Trust offering for accredited investors.
The Property features 95 two-, three- and four-bedroom homes averaging 1,803 square feet. All homes feature attached garages and private balconies or patios. Construction of the community was completed in 2025 and as of closing the Property was 94% leased.
Community amenities include a resort-style pool, cabana with restrooms and showers, on-site maintenance and leasing office, playground, and a dog park. Interior finishes feature luxury vinyl plank flooring, granite countertops, and stainless-steel appliances. NEWSTAR Exchange bought the property on behalf of Newstar 17 Sweetwater Springs, DST.
“We have evaluated more than 200 acquisition opportunities in our NEWSTAR Exchange business since launching in 2022, closing on just four properties through the end of 2025,” said Boone DuPree, Chief Executive Office of NEWSTAR. “We have been selective in waiting for opportunities to invest in high quality communities in high quality locations, at the right price and with the right financing, and Sweetwater Springs meets those objectives fully. We look forward to a successful offering to accredited investors seeking tax deferral with the opportunity for passive income and appreciation in an attractive institutional real estate asset.”

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