We are Community Preservation Partners.
We are owners and developers, focused for the long-term
on finding solutions, bettering lives and preserving affordable multi-family housing.

We improve communities to make them enjoyable, modern and convenient for families and seniors.

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We never forget that for our residents, their apartment and community is more than a project. It’s home.

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It takes a distinct way of thinking; a creative mindset connected to a daring and unwavering vision.

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The return on caring is infinite. We transform communities with solutions that leave an indelible mark on the lives of people. Our care creates what matters most - a place to call home.

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The Latest news

Seth Gellis, CPP Housing gets award for Winton Gardens TowerCPP Partners With Rochester’s Cornerstone Group to Preserve Affordable Housing in Erie
April 19, 2022

Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, today announced its acquisition of Methodist Towers in Erie, a 13-floor high-rise affordable housing complex comprising of 138 senior units (55+), 57 of which receive subsidy under a Section-8 HAP contract. The renovation will be a tenant in-place rehabilitation with minimal displacement for residents. CPP received an issuance of tax-exempt bonds and Low-Income Housing Tax Credits (LIHTCs) from the Pennsylvania Housing Finance Agency (PHFA) with construction and permanent loans from Citibank as well as equity raised from the sale of LIHTCs from PNC Bank, N.A. to finance the property acquisition and rehabilitation. The affordability commitments and investment made in Methodist Towers will preserve its affordable housing designation for future decades.

“CPP is excited to partner with Rochester’s Cornerstone Group on another exciting Preservation project. We are planning a meaningful rehab that will make current and future residents proud to call Methodist Towers home,” said Seth Gellis, senior vice president at CPP. “With this project, CPP will deepen and lengthen the affordability of the property including to those making no more than 20%, 50% and 60% of AMI.”

Methodist Towers is in the heart of downtown Erie, within view of the Lake Erie waterfront and surrounded by Gannon University, as well as several medical centers including The University of Pennsylvania Medical Center Hamot campus.

“While the property was built and lovingly maintained by the First Methodist Church of Erie, it suffered from severe deferred maintenance,” said John Fraser, director of development at CPP. “Major building systems require upgrading and replacement, including the roof, elevators and HVAC equipment. The property was built in 1973, has never been through a meaningful rehab, and as such, unit and common area finishes need upgrades and modernization.”

CPP will invest more than $20 million to acquire and rehabilitate the complex, with renovations to include accessibility upgrades, parking lot repair, decking and railing replacement of the community sundeck, flooring upgrades, an outdoor dog run, new maintenance shed and improvements to the community, dining, music, and billiards rooms. For the units, enhancements will feature new unit entry doors, kitchen cabinets, vanity cabinets, quartz countertops in kitchens and bathrooms, paint, toilets, energy-efficient appliances, window blinds, sinks, faucets, and other items. CPP’s service coordinator will provide adult education programs including smoking cessation, computer training, tax preparation guidance, English classes, educational workshops, fraud prevention classes, literacy programs, health and wellness, financial literacy, socials, exercise, art and COVID education.

About Community Preservation Partners

Since its founding in 2004, Community Preservation Partners (CPP), an affordable housing rehabilitation company, has invested more than $2.6 billion into neighborhoods across the United States, keeping housing costs affordable for thousands of seniors, families and individuals. Having developed more than 12,500 low-income housing units, and positively changing the lives of thousands of low-income residents, the award-winning firm continues to expand nationally with headquarters in Irvine, California and Reston, Virginia. With its creative mindset and unwavering vision, CPP Housing proposes big, bold and better solutions that build community and serve the greater good. Creativity. Performance. Purpose. A different way to home. For more information, visit www.cpp-housing.com and follow us on LinkedIn.

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Seth Gellis, CPP Housing gets award for Winton Gardens TowerCPP to Preserve Affordable Housing in Torrington
March 24, 2022

Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, today announced its acquisition of the Woodland Hills Apartments, 14 garden-style buildings on 19 acres with 176 units, which receive subsidy under a Section-8 HAP contract. Located at 330 Highland Avenue in Torrington, Conn., the units are income-restricted to family households at 50% of area median income (AMI) through the Low Income Housing Tax Credit (LIHTC) program.

The 10-month renovation will be a tenant in-place rehabilitation with minimal displacement for residents. CPP secured tax-exempt bond financing as well as an allocation of LIHTC from the Connecticut Housing Finance Agency (CHFA) in order to finance the acquisition and planned renovations for the property. CPP has committed to preserving the property’s affordable housing designation for future decades.

“CPP has an additional community in Connecticut, Fairbank Apartments, which is about 50 miles south of Woodland Hills, so this project not only adds to our count of preserved affordable units in Connecticut but also ensures Woodland Hills is well-positioned physically and financially for its current and future residents,” said Seth Gellis, senior vice president at CPP.  “With this transaction, CPP has committed to deepening and furthering the affordability of Woodland Hills.”

The Woodland Hills community is located 27 miles west of Hartford in the Northwest Portion of Connecticut. It is a suburban to rural location near the Greater Hartford MSA.

“While the property was very well maintained by the previous owner, it had been 20 years since its last major rehab,” said John Fraser, director of development at CPP. “As a result, building system upgrades, roofing, siding, windows and finishes were in need of rehabilitation. It was originally built in 1973 with a LIHTC renovation in 2001.”

CPP will invest nearly $40 million to acquire and rehabilitate the complex, with renovations to include several energy efficiency and accessibility upgrades, newsiding, roofing and windows as well as parking lot repairs, improved site accessibility and improvements to the community room and other common spaces. Unit upgrades include new kitchen cabinets and quartz countertops, new energy-star appliances and plumbing fixtures. Units will also receive new flooring, be fully painted with complete renovation of bathrooms. CPP’s financing plan includes a resident service coordinator who will provide a number of adult education programs including financial literacy, computer training, tax preparation guidance, English classes, educational workshops, fraud prevention classes, literacy programs, health and wellness, smoking cessation, social activities, exercise, art classes and COVID education.

About Community Preservation Partners

Since its founding in 2004, Community Preservation Partners (CPP), an affordable housing rehabilitation company, has invested more than $2.6 billion into neighborhoods across the United States, keeping housing costs affordable for thousands of seniors, families and individuals. Having developed more than 12,500 low-income housing units, and positively changing the lives of thousands of low-income residents, the award-winning firm continues to expand nationally with headquarters in Irvine, California and Reston, Virginia. With its creative mindset and unwavering vision, CPP Housing proposes big, bold and better solutions that build community and serve the greater good. Creativity. Performance. Purpose. A different way to home. For more information, visit www.cpp-housing.com and follow us on LinkedIn.

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Seth Gellis, CPP Housing gets award for Winton Gardens TowerCPP Housing Joins with Local Hawaii Partners to Preserve Affordable Housing in Honolulu
January 18, 2022

Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, today announced its acquisition of the Smith-Beretania Apartments in Honolulu, a 22-floor high-rise affordable housing complex that houses 164 one- and two-bedroom units, all of which receive subsidy under a Section-8 HAP contract. CPP partnered with local lenders, BlackSand Capital, a Hawaii real estate private equity firm, and Bank of Hawaii to finance the property acquisition, in addition to working with Hawaii affordable housing specialist Ahe Group. Now under CPP ownership, future renovations to the Smith-Beretania Apartments will be financed through the low-income housing tax credit program, which will preserve its affordable housing designation for future decades.

“At CPP, we believe that working with local community partners is essential in bringing about affordable housing projects that make the residents and community proud,” said Anand Kannan, president at CPP. “By working closely with BlackSand Capital, Bank of Hawaii and Ahe Group, we were able to execute the deal efficiently and preserve affordable housing for more than 300 residents in a high-cost market. We are looking forward to providing a modern renovation, enhancing social services and building a sense of community for the residents that will last for years to come.”


“CPP didn’t assume they knew our local community. Instead, they paired their extensive expertise in affordable housing with our intimate knowledge of and commitment to Hawaii,” said B.J. Kobayashi, chairman and CEO at BlackSand Capital. “Preserving existing affordable housing in high-cost markets is very important to maintaining communities and ensuring that people have access to adequate and affordable housing; BlackSand Capital is proud to be part of this much-needed affordable housing effort right in our own backyard.”

There is an urgent need for preserving Hawaii’s affordable housing inventory, especially given the median asking rent on Oahu has risen to $2,100, up from $1,700 within the last year, with Honolulu specifically seeing a 3.9% rise in rent. Many families spend more than 30% of their household income on housing, and with the increasing cost of food and energy, some 10% to 14% of Oahu households are late on rent each month, according to U.S. census surveys as reported by the University of Hawaii Economic Research Organization. [i]

CPP will work with Hawaii-based business partners to invest nearly $10 million to rehabilitate the complex, with renovations to include exterior paint, unit turns, energy efficiency improvements, accessibility upgrades and site amenity updates. In addition to the 164 units of affordable housing, the half-acre lot offers a community room, onsite management, laundry facilities, controlled access entry and dedicated parking in the adjacent parking structure. Additionally, the site provides access to a public park with a playground, basketball court, pet parkand open green space.

 

About Community Preservation Partners

Since its founding in 2004, Community Preservation Partners (CPP), an affordable housing rehabilitation company, has invested more than $2.6 billion into neighborhoods across the United States, keeping housing costs affordable for thousands of seniors, families and individuals. Having developed more than 12,500 low-income housing units, and positively changing the lives of thousands of low-income residents, the award-winning firm continues to expand nationally with headquarters in Irvine, California and Reston, Virginia. With its creative mindset and unwavering vision, CPP Housing proposes big, bold and better solutions that build community and serve the greater good. Creativity. Performance. Purpose. A different way to home. For more information, visit www.cpp-housing.com and follow us on LinkedIn.

 

About BlackSand Capital

BlackSand Capital is a Hawai‘i specialist private equity firm distinguished by its integrity, creativity, and intimate knowledge of and commitment to the Hawai‘i market. It stands out as the only Hawai‘i-focused real estate private equity firm.

BlackSand Capital’s advantage is its focus on the local community, which is also reflected in the company. BlackSand Capital is a diverse and inclusive minority-led company led by women and men who are committed to these principles. All of BlackSand Capital’s employees are part of local families and have strong ties to Hawai‘i.

BlackSand Capital’s deep foundation in Hawai‘i rises from a multi-generational family legacy in the Hawai‘i real estate and construction industries. The relationships created by decades of professional partnerships refine the firm’s acute understanding of real estate fundamentals and underpin its ethical responsibility to the community. These enduring relationships along with the diversity and depth of experiences allow BlackSand Capital to capture rare opportunities often not presented in the market.

BlackSandCapital and its principals have overseen the investment of approximately $5 billion in Hawai‘i properties, including investments in workforce housing, hotels, residential condominiums, and retail, office and industrial buildings. For more information, visit www.blacksandcapital.com


[i] Honolulu Civil Beat -- https://www.civilbeat.org/2021/09/hawaiis-high-cost-of-living-just-keeps-getting-higher/

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