Kyle Dean Massey and Husband Taylor Frey Expecting Baby No. 3 (Exclusive)

Kyle Dean Massey and Taylor Frey are going to be parents again!

The Holiday Exchange star, 43, and the IT Chapter Two alum, 36, are expecting their third baby together via surrogate, announcing the news exclusively with PEOPLE. Massey and Frey are both excited to become parents of three, with Frey noting that he “honestly didn’t know if this would ever be possible for someone like me.”

“My daughters are everything to me, and adding a third feels like life at its fullest,” Frey tells PEOPLE. “Being a dad is the greatest joy I know — more kids just means more love. I can’t wait to see these two become big sisters. Our surrogate, Sara, made this experience deeply joyful. After a decade in IVF [in vitro fertilization], I’ve seen it all, and she’s the best there is. I’m so grateful — for her, and for our donor.”

Echoing his husband’s sentiments, Massey says that there was a time when he felt like fatherhood was “so out of reach.”

“I almost convinced myself it just wasn’t meant for me. I never imagined I’d get to experience this kind of love,” Massey says. “Being a dad is the most meaningful, grounding thing in my life.”

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The couple is welcoming their first son together, whom they have decided to name Savoy Massey-Frey. Massey and Frey, who are also parents to daughters Gigi, 13 months, and Rafa, 3, tell PEOPLE that the decision to welcome a little boy came after a year of thinking about it.

“We had both a high-grade female and male embryo left,” the couple shares. “We have spent a year trying to figure out which to transfer since we can choose. We have loved being girl dads so much.”

The expectant parents are excited to become a family of five. Massey tells PEOPLE that expanding their family “feels like the biggest gift.”

“We’re so grateful for the incredible support around us — especially our egg donor and our surrogate — who’ve made this dream possible,” he says. “I hope our story reminds others that there’s more than one path to parenthood, and every one of them is worth it.”

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The couple is welcoming their new addition with the help of California Fertility Partners. Their doctor, Dr. Guy Ringler, shares with PEOPLE how much of a “pleasure” it has been to help them build a loving family.

“Taylor and Kyle have huge hearts, which is part of what makes them great dads. It is a pleasure helping them build a large loving family,” he tells PEOPLE. “It’s such simple freedom, but everyone deserves the right to have a family.”

Their surrogate Sara shares the same sentiments. She tells PEOPLE that she “feels so lucky and blessed” to help the couple expand their family again.

“I feel so lucky and blessed to be able to go on another journey with Taylor and Kyle. I am looking forward to the magic of getting to be apart of helping grow their family again.”