Hudson Valley Property Group Completes $45M Multifamily Real Estate Acquisition in Asbury Park

ASBURY PARK, N.J. — December 2, 2025 — Hudson Valley Property Group (HVPG) has completed a $45 million acquisition of Asbury Gardens, a two-building affordable housing community located at 120 Monmouth Avenue and 1100 Atlantic Avenue in Asbury Park, New Jersey. The transaction marks HVPG’s 28th affordable housing preservation project in the state.

Preserving Affordable Housing in New Jersey

The acquisition expands HVPG’s portfolio in New Jersey, where the firm owns and operates 27 other properties, and will preserve 170 units of affordable housing. The project aligns with HVPG’s mission to safeguard affordability and enhance community assets through targeted upgrades and resident-focused services.

“We’re excited to expand our presence in New Jersey and build on our commitment to delivering essential improvements and supportive services to our residents and communities,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. “We look forward to working closely with the City of Asbury Park, the state of New Jersey and HUD to protect the city’s supply of quality, affordable housing amid rising demand.”

Upgrades and Community Enhancements

HVPG plans approximately $7.6 million in renovations at Asbury Gardens. Planned improvements include updated in-unit kitchen and bathroom amenities, upgrades to common areas such as a new business center, new roofing, and complimentary high-speed Wi-Fi for residents. Additional site improvements will include playground lighting, landscaping upgrades, electric vehicle charging stations, and an urban farm developed in partnership with Kula Urban Farms.

Through HVPG’s Community Enhancement Program, residents will benefit from safety improvements and expanded access to education and community resources. Resident services programming will be informed by direct survey feedback from tenants.

Financing and Affordability Protections

To ensure long-term affordability, HVPG secured a new HUD project-based Section 8 Housing Assistance Payments (HAP) contract. Under the agreement, nearly all residents will pay no more than 30% of their annual income on rent. The property will remain restricted to households earning no more than 60% of the area median income.

Financing for the acquisition involved KeyBank and Freddie Mac. The total project cost is estimated at $45 million. Specific loan terms were undisclosed.

Source: Hudson Valley Property Group