Case Studies — Horizon Construction & Asset Management Partners
Case Studies

A Track Record Built
One Asset at a Time

Over more than a decade, our principals have executed across multifamily, industrial, and mixed-use development. Click any project below to explore the detail.

Featured Projects
I
Multifamily
Hudson Communities Portfolio
A decade of acquiring, renovating, and refinancing multifamily assets across New York State.
1,000+
Units
$100M+
Value
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II
Industrial
New Heights Industrial Park
Full repositioning of an abandoned 816K SF campus — including a $5M state-funded historic preservation outcome.
816K SF
Campus
$5M
Grant
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III
Mixed-Use
Hudson Valley Waterfront
Pre-development for a 38K SF waterfront mixed-use project — residential, retail, and public plaza.
25
Units
12K SF
Retail
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1,000+
Units Owned & Managed
16+
Assets Acquired
$100M+
Acquisition Value
10+ Yrs
Operating History

Hudson Communities is the multifamily operating platform built over more than a decade through disciplined acquisition, hands-on renovation, and active asset management. The portfolio spans affordable housing, rent-stabilized, garden-style, and market-rate assets across New York State.

The strategy is consistent: acquire at a discount, execute capital improvements, grow NOI, and refinance within 12–24 months to return investor capital and capitalize the next phase.

Portfolio Detail

2206 Cornaga, Queens NY
Affordable / Section 8
2013
+
Strategy
Full reposition through complex rental regs; ground-up 41-unit addition; NNN lease to DHS
Outcome
Rents ~doubled; construction funded via refi proceeds; no additional equity required
Far Rockaway Portfolio
Rent Stabilized NYC
2014
+
Strategy
Rehabbed 200+ units; $7M+ CAPEX across 420+ units; new electrical, boilers, common areas
Outcome
6 dispositions totaling $78M+; full investor equity returned + 16% additional return
385 Bayview, Inwood NY
Affordable / HCV
2015
+
Strategy
$5M CAPEX — siding, roofing, gas service, boilers; completed in 4 months with in-place occupancy
Outcome
Refi $26.8M within 10 months; HUD 223(f) refi 2018 for $35M+; current value ~$50M+
Kingston Waterfront & Black Creek
Multifamily Portfolio
2016
+
Strategy
Value-add reno; rents from under $700 to $1,200/mo avg within 24 months
Outcome
Sold Nov 2020 for $18M (purchased $9M); expanded footprint to 800+ units
Pittsford Manor, Pittsford NY
Garden Style
2018
+
Strategy
Acquired at 30% occupancy; upgraded 70% of units
Outcome
Rents from $900 to $1,750–$1,850/mo; cash out refi July 2020 for $4.9M
Dutch Village, Kingston NY
Garden Style
2018
+
Strategy
$750K CAPEX; GPR from $130K to $190K/mo
Outcome
Refinanced April 2020: $14.5M loan
Country Manor, Webster NY
Large Garden Style
2021
+
Strategy
Distressed acquisition; $3M CAPEX; rents from $900 to $1,250–$1,695/mo
Outcome
Refinanced June 2023 for $36M (purchased $30M)
Mountain Lane, Penfield NY
Garden Style
2021
+
Strategy
Took over distressed gut-rehab mid-construction; 100% lease-up in 30 days post-completion
Outcome
10–15% rent premiums to market; refi April 2022 for $5.5M
Woodland Country Apts
Multifamily
2021
+
Strategy
$500K interior improvements; NOI from $300K to $625K/yr
Outcome
Cash out refi Oct 2023 for $6.5M at peak of fiscal tightening
Woodlands at Hudson, NY
Multifamily + Dev
2023
+
Strategy
96 units; rents from $105K to $145K+/mo; +10 retrofit units; 56-unit phase 2 planned
Outcome
Projected refi $18M–$21M within 24 months
John Street Apts, Kingston NY
Ground-Up
Recent
+
Strategy
Full construction of 11-unit building in Uptown Kingston
Outcome
100% leased at $1,800–$1,900/mo upon completion
816K SF
Industrial & Aviation Campus
$5M
State-Funded Acquisition
I-81 Corridor
Strategic Location
2023
Historic Preservation

Led the operational turnaround and full repositioning of an 816,000 SF industrial and aviation facility adjacent to Hagerstown Regional Airport in Maryland — originally constructed for aircraft manufacturing and largely abandoned at the time of engagement. The scope required large-scale cleanup, stakeholder coordination, contractor management, and a comprehensive market repositioning strategy targeting aviation, logistics, aerospace, and manufacturing tenants.

Historic Preservation — The Dome Hangar

The most significant outcome was the preservation and successful sale of the historic 35,000 SF 1943 Fairchild Flight Test Hangar. After years of vacancy and significant deterioration, cleanup and stabilization efforts transformed the structure into a recognized aviation and community asset. In 2023, the Dome Hangar was purchased by the Hagerstown Aviation Museum through a $5 million State of Maryland grant — including a 7,400 SF annex, a 9,000 SF restoration facility, and approximately eight acres of paved ramp with direct airport access.

38K SF
Total Development
25
Residential Units
12K SF
Elevated Waterfront Retail
~80%
Upper-Market Positioning

Led pre-development coordination and redevelopment planning for a 38,000 SF mixed-use waterfront project in the Hudson Valley — a three-story development consisting of 25 residential apartments, artist studio space, and 12,000 SF of elevated commercial retail overlooking Rondout Creek.

Approximately 80% of the residential units positioned as upper-middle and high-end rentals with direct water views, combined with tourism-oriented retail and a public plaza. This project demonstrates mixed-use entitlement, waterfront regulatory compliance, municipal stakeholder management, and mixed-income residential programming — capabilities well beyond standard value-add operations.


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elliot@horizonconstructionpartners.com