Hudson Valley Property Group has acquired Northgate One, a 321-unit affordable housing community in Camden, N.J. The seller was B&F Management, according to Yardi Matrix, which had purchased it in 2011 for $10.3 million from a private owner.
Hudson Valley plans to fully rehabilitate the property with federal low-income housing tax credits funded by Enterprise, Aspire N.J. state tax credits originated by BlueHub Capital and a HUD FHA 221(d)(4) loan originated by PGIM. The City of Camden also granted a long-term PILOT Agreement. Other project partners include Citizens Bank as construction lender and architecture firm KMA Design Studio.
The project has a $130 million price tag, according to The Philadelphia Inquirer. Completion is expected in 2026.
Renovations at the 2-acre property will include building revitalization and site infrastructure upgrades, as well as in-unit safety improvements. Plans also call for fully accessible dwelling apartments.
A total of 96.5 percent of the units are subject to a 20-year, project-based Section 8 HAP contract, which warrants that the residents will pay 30 percent of their household income towards rent. Additionally, the 30-year LIHTC income restriction ensures that the apartments are reserved for tenants earning 60 percent of the area median income.
Northgate One, up close
The 21-story building came online in 1963 comprising studio, one- and two-bedroom floorplans ranging between 500 and 750 square feet. Common-area amenities include a community room, laundry facilities and some 230 parking spaces, along with 20,000 square feet of retail space.
The community is at 433 N. Seventh St., next to the Rutgers University at Camden campus. Downtown Philadelphia is some 4 miles away, while Philadelphia International Airport is 13 miles southwest. Additionally, the property is less than 4 miles from a 391-unit affordable community where HVPG completed an $85 million preservation and renovation program.
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