New York-based real estate firm Hudson Valley Property Group recently acquired an 170-unit portfolio of affordable housing units in Asbury Park less than two blocks from the city’s train station. The firm, which owns 27 other affordable housing complexes in the Garden State, is investing approximately $45 million to acquire and upgrade the two apartment buildings at 120 Monmouth Avenue and 1100 Atlantic Avenue.
“Asbury Park is a fast-growing, desirable city that has unfortunately seen rents and housing prices increase in recent years,” Andy Cavaluzzi, Co-Founder and Partner at HVPG. “These conditions make it a strong fit for our work to preserve and maintain high-quality affordable housing for the vulnerable communities who call Asbury Park Gardens home.”
Asbury Park granted a new 35-year tax incentive, a payment in-lieu of taxes agreement, for the properties. The new owners also secured a Section 8 Housing Assistance Payments contract from HUD, which means that residents will pay no more than 30% of their annual income on rent, according to a press release from HVPG. Equity financing was provided by HVPG’s preservation fund, while KeyBank provided a Freddie Mac loan.
The firm intends to invest approximately $7.6 million in renovations, including updates to security, water and heating systems in both buildings, as well as kitchens and bathrooms in every unit. Other upgrades will address common areas of the properties, and include a new business center, roofing EV charging stations and an urban farm that will be developed alongside Kula Urban Farms.
Although Hudson Valley Property Group said that it would invest $45 million towards the property, the firm declined to share the total acquisition cost for both properties.
Records made public by the Monmouth County Clerk’s Office show that the structure at 120 Monmouth Avenue was built in 1969 and was last sold for $4.5 million in 2012. The entire property spans 2.5-acres and includes 79 units. The clerk’s office assessed the value of the property at $6.0 million for 2026.
The building at 1100 Atlantic Avenue was built in 1967 and spans less than 31,500 square feet across 90 units. That building is also known as Stevens Manor and sits on a 3.49-acre lot that has an assessed value of approximately $7.6 million. The apartment complexes sit less than two blocks from the Asbury Park train station and less than 10 blocks from the Ocean Avenue Boardwalk.
The sale of the apartment buildings comes as the city of Asbury Park continues investing significant capital towards affordable housing around the train station. The apartment complex is located six blocks from the empty lot at 1202 Asbury Avenue, which is slated to become a mixed-income housing complex.
A report from September in the Asbury Park Press said that the city agreed to fund a 30-year PILOT for the development of a 101-unit apartment complex, which will include 55 affordable units. That agreement will generate approximately $66,000 in revenue for the city in the first year and $2.7 million over the entire term of the incentive.
That report comes nearly two years after Jersey Digs reported that the city’s planning board approved a site plan for the lot, which is owned by Sackman Enterprises.
