HVPG Makes Its First Affordable Acquisition in Nassau County

Hudson Valley Property Group (HVPG) has acquired 100 Terrace Apartments, a 420-unit affordable housing property located at 100 Terrace Ave. and formerly known as Jackson Terrace Apartments, in Hempstead, NY. The acquisition, reportedly for $107 million, marks HVPG’s first property in Nassau County and expands the firm’s presence on Long Island, where it also operates a property in Suffolk County.

Total project costs related to this transaction are approximately $145 million. HVPG plans approximately $23 million in renovations, averaging $55,000 per unit, to modernize the six-story, mid-rise building originally constructed in 1972.

“Long Island remains one of the most competitive regions for affordable housing investments, and this sale reflects the strong demand for multifamily assets driven by consistent performance and long-term stability,” said Michael Tuccillo with Marcus & Millichap in Manhattan. Tuccillo procured the buyer, Hempstead Preservation LLC, an affiliate of HVPG. The seller, Terrace 100 L.P., was self-represented.

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