JERSEY CITY, NJ – Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced that it has completed a $71 million acquisition, preservation and renovation project at Grandview Terrace Apartments, a 283-unit senior housing complex located in the Journal Square Neighborhood of Jersey City, New Jersey.
The upgrades to Grandview Terrace encompass a variety of holistic improvements including building modernization, energy efficiency upgrades, unit renovations and the addition of an enhanced, high-definition monitoring system providing site wide security coverage and ensuring adherence to HVPG’s community standards.
“We’re elated to unveil the revitalized Grandview Terrace, a collaborative effort with the Jersey City Housing Authority (JCHA) and HUD that will ensure long-term affordability for local seniors that were previously at-risk of losing access to this affordable housing and possibly being displaced,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. “From the comprehensive modernization to the installation of advanced security measures, every aspect of this project reflects our commitment to making secure, inviting places for our residents to call home.”
The renovations within the 283-unit complex totaled $15.2 million (~$53,500 per unit) and include new kitchen cabinetry and countertops; new high-efficiency, stainless steel appliances; high output lighting and water conserving fixtures; and the creation of fully compliant ADA and H/V units. Interior upgrades also included new flooring with subfloor repairs; wall patching and painting; and a new sky lounge for residents with a stretching room, community room, library and computer center with views of New York City.
The initial acquisition and substantial rehabilitation of the Grandview Terrace Apartments was financed with equity from HVPG’s second affordable housing fund (HVPF II) and a construction loan from Key Bank. Upon completion of the 16-month construction and preservation project in February 2024, the loan was refinanced under the HUD Section 223(f) program with KeyBank.
To ensure the long-term affordability of the property, HVPG secured a new, 20-year HUD Regulatory Agreement. Additionally, HVPG was able to unlock new rental subsidy for tenants as a result of the previously existing expired HUD 202 restrictions through both project-based and tenant-based Section 8 vouchers. The Jersey City Housing Authority played a critical role in this project and serves as the new contract administrator for all of the HUD Section 8 voucher units. HVPG and JCHA worked in partnership to secure new Section 8 subsidy for 267 low-income households that did not previously receive any rental help. This will ensure that income-qualified tenants are protected and will pay no more than 30% of their income in rent. No residents were displaced because of this transaction.
“The JCHA appreciates the opportunity to partner with Hudson Valley Property Group, HUD, the City and the County to preserve and provide quality, safe affordable housing to the senior citizens of Jersey City and Hudson County at Grandview Terrace”, said Patricia Ramirez, Director of the Housing Choice Voucher Program of the Jersey City Housing Authority.
The project follows Hudson Valley Property Group’s recent acquisition of a 1140-unit affordable housing portfolio across Maryland and North Carolina, and Northgate One Apartments in Camden, NJ. As the demand for affordable housing continues to rise, HVPG intends to further expand its portfolio and offer additional high-quality affordable housing options throughout the United States. HVPG currently owns over 10,650 units of affordable housing across 65 properties throughout the Northeast, Midwest, Mid-Atlantic and Southeast regions.

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JACKSONVILLE, FL – Multifamily real estate investment firm, Southeast Property Group, has bought a two-property, 328-unit apartment portfolio in Jacksonville, Florida. Due to the distressed nature of the properties, Colonial Forest and Northwood Apartments will be re-branded to The Belmont and Avenue at 1601, respectively.
The Florida based investment firm has already begun a $9.7 million renovation program that includes significant updates, such as: new roofs, exterior paint, re-plumbing, amenity and landscape upgrades and other improvements, including updates to all of the apartment unit interiors.
“We are very excited to have had the opportunity to buy both assets at below market pricing. We’re looking forward to improving not just the look of the properties, but the overall community for the immediate area as well as for the City of Jacksonville.” said Southeast Property Group Principal, Joe Rubin.
The properties were bought from the Chetrit Group, headed by Joseph Chetrit and were originally bought as part of an 8,000-unit portfolio, secured by a loan from JP Morgan. Southeast Property Group was presented the distressed opportunity from an off-market brokerage relationship.
“We are pleased with being able to transact with Mr. Chetrit. It was a very unfortunate situation, but thanks to our capital partners, we stand ready with plenty of dry powder to provide capital and expertise in these exact scenarios. In a very uncertain market, our team was able to go swiftly to make sure the transaction closed on the agreed upon price and terms.” said Southeast Property Group Principal, Richard Shuster.

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WASHINGTON, DC – TM Associates, United Plotting Organization (UPO), and Gilbane Building Company were joined by the Department of Housing and Community development (DHCD), Department of Human Services (DHS), DC Housing Finance Agency (DCHFA), partners, and community members to announce the grand opening of MDXL Flats Apartments, a highly anticipated affordable residential community offering 101 affordable apartments in the heart of Washington, DC’s Buzzards Point neighborhood.
MDXL Flats Apartments joins sister community, MDL Flats, in setting a new standard for affordable luxury housing that blends seamlessly into the city’s sleek skyline adorned with glass-clad architecture.
From modern interiors, vibrant community space, and views overlooking Nationals Park and the Capitol Building, MDXL Flats Apartments caters to the distinct needs and preferences of its residents.
Key highlights of MDXL Flats Apartments include: Spacious and thoughtfully designed one-bedroom, two-bedroom, three-bedroom and even four-bedroom apartments, affordable to households earning between 30% and 50% of the average local median income. High-end finishes and panoramic views of the city. Convenient access to a wide array of dining, shopping, and entertainment options, including Audi Field, with ground-level retail. Dedicated resident services and on-site management and maintenance, ensuring residents receive prompt help and personalized attention. Access to quality schools, transit, and arts & culture in Ward 6.
“The delivery and grand opening of MDXL Flats completes TM’s $110m investment into the transformation of this corner in DC”, said Bob Margolis, Owner/Chief Executive Officer of TM Associates. “This milestone not only marks the completion of a remarkable project but also reflects TM’s steadfast dedication to enhancing vibrant communities. Through the introduction of high-quality, affordable rental homes, we are committed to driving lasting positive change.”
MDXL Flats, and its sister community, MDL Flats – who opened their doors in 2021, make up 177 affordable residential units, contributing to Mayor Bowser’s goal of making 12,000 affordable homes by the end of 2025. More than 220 DC residents contributed to the construction of MDXL Flats. The project exceeded its goal of 35% certified business enterprises (CBE).
“We know that to achieve the Mayor’s bold housing goals, we have to be even bolder with our actions. MDXL Flats is an example of how we can use targeted investments and intentional plotting to deliver affordable housing in more parts of our city. We thank all of the partners who made this project a reality for the residents who will call this building home,” said Deputy Mayor for Plotting and Economic Development Nina Albert.”
UPO President and CEO Andrea Thomas said, “Housing is a persistent concern for DC residents, so UPO is proud to be a partner in providing housing stability to people with low incomes and supportive services to those who were unhoused. Most importantly, we are excited to hear the new residents declare, ‘I’m home.'”
“Gilbane Building Company is very proud of this project for not only the impact that more affordable housing options will have on the community but also the positive impact the project had throughout construction,” said Tyler Swartzwelder, business leader for Gilbane’s Washington, DC office. “Fifty percent of construction contracts, totaling more than $14 million, were awarded to diverse-owned and small businesses. Thanks to clients like TM Associates, who share our commitment to advancing diversity, equity, and inclusion, Gilbane is more than halfway towards our goal of generating $4 billion in awards to MWBE+ businesses by 2027.”

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