Community Preservation Partners (CPP) has been recognized as a finalist in Affordable Housing Finance’s 2019 Readers’ Choice Awards. The magazine recently announced that The Belt Atlantic, a 216-home multifamily community in Richmond, Va., is one of four finalists in the Preservation category.
CPP is extremely proud to be considered for this accolade according to CPP Vice President Seth Gellis, who oversaw the launch of the company’s Eastern Division with the rehabilitation of The Belt Atlantic as its initial project. Purchased in 2018 for $17.5 million, the property – then known as the Midlothian Village Apartments – needed much more work than originally planned. Infrastructure was crumbling, crime was rampant and investors would not finance a rehabilitation without a major overhaul to security, Gellis said.
Taking on an additional $2.1 million in costs to transform it into a community where residents would be proud to live, CPP reinforced its commitment to the property and the pillar of community-building on which the company rests.
Early efforts included the installation of new security cameras, lights, fencing, license plate readers and landscaping to promote visibility. After years of turmoil, crime has plummeted, and resident pride has returned – and flourished.
All apartments will receive new kitchens, bathrooms, windows, floors and HVAC systems. CPP also is installing high-speed internet for every apartment at no cost to residents and opening a new community room complete with a computer lab.
As a critical part of this $39.5 million project, affordability of the apartments will be extended by 40 years, making The Belt Atlantic another fine example of CPP’s mission to enrich its communities by recapitalizing and preserving affordable properties for years to come.
Voting for the winner of AHF’s Readers’ Choice Awards will begin this summer.