Hudson Valley Property Group (HVPG), a national affordable housing preservation company, on Tuesday announced its acquisition of Asbury Gardens, a two-building, 170-unit multifamily property located at 120 Monmouth Avenue and 1100 Atlantic Avenue in Asbury Park.
This acquisition expands HVPG’s significant footprint in the state, making Asbury Gardens the firm’s 28th affordable housing preservation project in New Jersey.
HVPG has secured the property’s long-term affordability for residents by establishing a new HUD project-based Section 8 HAP contract. This ensures that nearly all residents will pay no more than 30% of their annual income toward rent. The property is further restricted to residents earning no more than 60% of the Area Median Income (AMI), guaranteeing this level of affordability for an additional 27 years.
The project represents a total direct investment of $45 million into the community and received vital support from the City of Asbury Park via a new 35-year Payment in Lieu of Taxes (PILOT) agreement.
“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,” Jason Bordainick, co-founder and managing partner of HVPG said.
HVPG is planning approximately $7.6 million in renovations at Asbury Gardens through its Community Enhancement Program. The upgrades will focus on modernization, security, energy efficiency, and resident quality of life improvements.
Key enhancements include:
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Building Upgrades: New roofing, high-end security systems, and energy-efficient and water-saving fixtures.
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In-Unit Improvements: Updated kitchen and bathroom amenities.
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Community Amenities: A new business center, complimentary high-speed Wi-Fi, and upgrades to the playground and landscaping.
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Sustainable Features: Installation of electrical vehicle charging stations and the development of an urban farm in partnership with Kula Urban Farms, a local neighborhood institution.
Furthermore, resident services programming will be tailored based on direct survey feedback from residents themselves, prioritizing access to education and essential resources to best serve the Asbury Gardens community.
The project was financed through a combination of equity from HVPG’s preservation fund and a Freddie Mac loan provided by KeyBank.
