Northgate Apartments, a 321-unit, 21-story family affordable housing building in Camden, was acquired by Hudson Valley Property Group, according to a Wednesday announcement.
The New York-based affordable housing preservation company is well known for its strong track record of transforming projects like Northgate and for its ability to navigate the complex layers of agency and municipality approvals and creative financing structures.
The Northgate effort was one of the first affordable housing preservation projects to use Aspire NJ administered by the New Jersey Economic Development Authority. The City of Camden also supported the project with a long-term payment-in-lieu-of-taxes agreement, which will be instrumental in the property’s future success.