Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced today it has completed the final close for its second real estate private equity fund. HVPG raised $292,420,000 in capital commitments, $42 million more than its $250 million target, from a broad range of institutional investors, including family offices, banks, endowments, foundations, insurance companies, healthcare companies, registered investment advisors and museums.
“The impressive array of institutional investors speaks to the strength of our platform and of this often-overlooked and traditionally undervalued asset class,” said Jason Bordainick, Managing Partner and Co-Founder of HVPG. “Hudson Valley Property Group strives to deliver a better standard of living for our residents and seeks reliable results for our investors. We are motivated to do well by doing good and our work is ensuring that housing stays affordable and within reach for families across America.”
The final close occurred during a period of record growth and investment activity for HVPG. The Firm’s first preservation fund closed in March 2019, with $60 million in capital commitments. It made 13 investments in 25 properties preserving over 4,000 units, on nearly $1B in projects. Today, the second fund has already acquired nine properties across New York, New Jersey, Pennsylvania, Maryland and Rhode Island, including in new geographic areas, like Philadelphia and East Providence, expanding HVPG’s portfolio to seven states. HVPG anticipates preserving more than 10,000 homes with the latest investment fund. During that same timeframe, HVPG’s staff has grown by 54 percent.
About Hudson Valley Property Group (HVPG)
Hudson Valley Property Group (HVPG) preserves and elevates the quality of affordable housing in the United States. HVPG acquires existing affordable, multifamily properties and strategically invests capital to improve the physical, financial, and social vitality of each home. With improved operations and enhanced service offerings, HVPG properties deliver a better standard of living for its residents and stable investment assets. To date, HVPG has preserved over 9,500 units across more than 50 properties, serving more than 20,000 residents. For more information, visit: https://hudsonvalleypropertygroup.com/.
About Hudson Valley Preservation Fund (HVPF)
Hudson Valley Preservation Funds are Community Reinvestment Act-eligible real estate private equity funds managed by Hudson Valley Property Group (HVPG), an owner, developer, and operator of affordable housing. We leverage our expertise and relationships to apply a traditional model of investing in real estate to this specialized industry, preserving existing affordable housing while ensuring each asset is optimally financed, renovated, and operated. To date, HVPG and its funds have utilized equity and capital to leverage more than $2B of investment into affordable housing.