Hudson Valley Property Group LLC purchased the 311-unit Parkledge affordable housing community in Yonkers, N.Y., for $48.3 million, Multihousing Pro reported.
Hudson Valley Preservation Fund provided equity for the sale of the property, which was arranged by CBRE Affordable Housing.
Parkledge has maintained occupancy levels of over 97% since 2016. Affordable units comprise 90% of the total by a Low-Income Housing Tax Credit Land Use Restrictive Agreement. The buyer plans to preserve the property as quality affordable housing and continue to invest in the building, the publication added.
