CPP has been firing on all cylinders lately, acquiring affordable housing properties in need of rehabilitation and working on massive improvements that enhance each resident’s quality of life and preserve the affordability of their homes for decades. This work is extremely rewarding for our team, and it’s been quite profitable for our investors. There are many ways to measure this success, and we’d like to share a couple.
Earlier this year, we completed the development of our 5,000th unit. After 12 years in business, it was quite a milestone, especially in this uncertain political climate. We enthusiastically look forward to acquiring our next 5,000 affordable housing units – with the same goal we’ve always had to enhance each resident’s quality of life.
The acquisitions are great, but the rehabilitations are ultimately why we’re in business. That is why this next accolade means so much to us:
CPP was just ranked third in the nation for having completed the most affordable housing rehabilitations in 2016, according to Affordable Housing Finance, which published its annual list this week.
In total, we substantially rehabilitated 1,251 units at 10 different communities in 2016. Plus, all of those communities received major improvements to common areas and also added amenities and social services. Only Seattle-based Vitus Group (1,489 units) and New York’s L+M Development Partners (1,993 units), who is a regular JV partner of ours, completed more affordable housing rehabilitations last year. This is wonderful company to be in, and CPP is extremely proud to be ranked so high on the list.
CPP could not be more excited to receive this latest recognition. As we continue to grow our portfolio, preserve communities across the nation and change lives, we look forward to the next one.