We are pleased to announce the official launch of CPP’s eastern expansion with our most recent acquisition of the Midlothian Village Apartments in Richmond, Virginia.
This new endeavor comes after investing more than $1 billion in affordable housing communities primarily in the Southwest and West Coast. It will accelerate as we look to acquire and rehabilitate aging properties and enrich the lives of residents throughout the entire nation.
With rents rising nationally, affordable housing communities and the residents who inhabit them become even more vulnerable. Despite the tumultuous times, CPP is committed to preserving affordability and investing in these communities.
CPP purchased Midlothian Village from Tryko Partners LLC through a joint venture with the Hampstead Companies for $17.5 million. Richmond, rich in culture and tradition, is the perfect location to begin our eastern expansion. As with many of our purchases, we will rehabilitate the complex and invest in the community to give the neighborhood an economic boost and be a catalyst for further investment in the area.
The 216-unit community was built in 1971 and last remodeled in 2002. CPP will fully rebrand the community as “The Belt Atlantic” and invest $9.7 million into community upgrades, including new flooring, windows, doors and energy-efficient appliances, HVAC and lighting. Additionally, CPP will update all kitchens and bathrooms in the units as well as install new exterior roofing, landscaping and façade enhancements, which make The Belt Atlantic indistinguishable from market-rate apartments.
As with many neighborhoods across the United States, safety is paramount. CPP plans to install new security cameras, access systems, lights and perimeter fencing and gates to secure the community and ensure residents feel safe in their homes. We will improve the outdoor playground, basketball court and community areas as well.
Preserving communities and maintaining affordability can often be the first step in revitalizing neighborhoods, and we are looking forward fulfilling our mission nationwide beginning in Richmond and continuing throughout the nation.