Hudson Valley Property Group acquired two Dorchester multifamily properties — Boston Bay and Hope Bay. The deal marks the New York-based company’s first foray into the Massachusetts market.

HVPG plans to spend $6.4 million on renovations at the properties, which are located at 205 Magnolia St. and 5 Norwell St., respectively . Total project costs amounting to approximately $52.5 million will be funded with a Fannie Mae loan provided by KeyBank.

“We are proud to bring HVPG’s preservation platform to Boston and Massachusetts,” said HVPG Co-founder and Managing Parter Jason Bordainick in a press release. “Boston Bay and Hope Bay represent an opportunity to preserve critical affordable housing in one of the nation’s most supply-constrained markets. Our investment will ensure that 133 families can continue to call Dorchester home while benefiting from modernized living spaces and enhanced amenities. We look forward to partnering with the city of Boston and HUD to safeguard affordability and elevate quality of life for residents.”