Two apartment properties in Spring Valley have been acquired, upgraded and preserved as affordable housing in a $47 million project by property owner Hudson Valley Property Group (HVPG), which is based in Manhattan. In addition to acquiring the properties with the intention of preserving their availability as part of Rockland County’s affordable housing stock, HVPG has completed a $10 million renovation on the properties.
One of the properties is Lakeview Village, which is a 144-unit senior housing complex at 1-167 Lakeview Village. The other property is Highview Apartments, a 76-unit property catering to families that is at 105 Fred Hecht Drive. The properties have about 80 units for use by tenants with Section 8 vouchers.
Renovation and upgrades included: installation of high resolution Night Vision security cameras throughout the sites; energy saving LED lighting upgrades; perimeter fencing repair; sidewalk, concrete stairs and landing repairs; landscaping upgrades; new mailboxes; new building, unit and common area signage; various upgrades to comply with Americans with Disabilities Act requirements; new kitchen appliances and cabinets; new bathroom fixtures; heating upgrades; new apartment entry doors and hardware; new fire alarms; electrical upgrades; and more. According to HVPG, approximately $45,000 was spent on each apartment.
Jason Bordainick, co-founder and managing partner of HVPG said that the undertaking would not have been possible with the support and collaboration of the Town of Clarkstown and Village of Spring Valley and the Rockland Industrial Development Agency.
“My partner Andy and I grew up in Spring Valley, so it’s especially meaningful to be able to give back and do such important, impactful work for our hometown community,” Bordainick said. “Since acquiring these properties in fall of 2021, we have remained steadfast in our commitment to rejuvenate them into safe and thriving communities that families can call home. We are proud to showcase the results of our investment and the hard work and dedication of our team, which will ensure that residents of these properties and the entirety of Rockland County will have access to high-quality apartments and enhanced amenities, without compromising affordability.”
HVPG was founded in 2010 by Bordainick and his friend Andrew Cavaluzzi. They believed they could use their experience in finance and real estate to enhance the affordable housing stock and improve conditions for families in need of quality affordable housing. HVPG says that it has preserved more than 10,200 units across more than 60 properties, serving more than 20,000 residents. It has properties in Illinois, Florida, Maryland, Pennsylvania, New Jersey, and Rhode Island in addition to New York.
Its properties include the Jackson Terrace Apartments in Yonkers, a 181-units mid-rise building serving low- and moderate-income residents that’s located on Herriot Street. It also has the 311-unit Parkledge Apartments, comprised of two towers and two townhome buildings on Yonkers Avenue in Yonkers. It also and serves low- and moderate-income residents.
