Community Preservation Partners to Rehabilitate Hundreds of New Mexico Affordable Homes
IRVINE, Calif. (Oct. 29, 2019) – In a move that will significantly extend and preserve affordability in New Mexico, Community Preservation Partners (CPP) will begin renovations on 436 affordable homes throughout the state. Part of a $16.2 million construction project undertaken with the property owner, the JL Gray Company, the rehabilitation will revitalize affordable homes […]
Community Preservation Partners Completes $41.5M Affordable Housing Project in Rochester, N.Y.
IRVINE, Calif. (Oct. 15, 2019) – A year after acquiring the troubled Cedarwood Towers affordable housing community in Rochester, N.Y., acclaimed affordable housing corporation Community Preservation Partners (CPP) has completed a substantial rehabilitation of the property, enriching the lives of residents while protecting their affordability and general safety. The 206-unit, age-restricted community had been known […]
How Lenders Are Supporting Affordable Housing Construction
Demand for affordable housing is growing across the country, including in emerging markets like Denver. However, capital is catching on to the need for affordable housing, both on new development projects and LlHTC-backed rehab projects. This capital has been an important aspect of bringing more affordable housing to markets suffering from a housing shortage. “Investors […]
Cornerstone and California firm join forces to re-create affordable community
When Cedarwood Towers went on sale last year, Roger Brandt saw an opportunity for Rochester’s Cornerstone Group Ltd. Lo again make an impact on lives in Rochester.He was well aware that the twin-tower apartment community had, over 45 years, gone from community beacon to neighborhood eyesore.“It was a disaster,” said Mary Coffey, co— chair of […]
Community Preservation Partners acquires 158-unit Southern California property for $52m
Community Preservation Partners (CPP) has purchased the Cameron Park Apartments in West Covina, Calif., for $52 million. The acquisition deal includes nearly $10 million in renovations, plus measures to keep all 158 units at below-market levels for the next 55 years. Cameron Park Apartments was built in 1970 and received a light renovation in 2002. […]
Denver Battles Housing affordability
The housing affordability crisis plaguing the nation has hit Denver. The metro is suffering from a loss of affordable and workforce housing and rising rents and new development are pushing vulnerable residents, like teachers and fire fighters, out of their homes. However, there are projects seeking to preserve affordable housing. Community Preservation Partners has acquired […]
Down to the Wire: A Last-Minute Rehab Rescue in Colorado
Affordable housing rehabilitations, while vital to the communities they serve, are seldom dramatic. But our most recent acquisition, CPP’s first project in Colorado, carried with it a rare sense of urgency that ended with 154 families being saved from losing their homes – just in the nick of time. Built in 1972 as a multifamily […]
Community Preservation Partners Has Acquired CO Affordable Housing Property with Plans for Extensive Renovation Work
Community Preservation Partners (CPP) has acquired and recapitalized Casa Del Sol, a 47-year- old, 154-unit affordable housing community in Pueblo, CA. The $22.6 mil project marks the developer’s entry into Colorado — its ninth state. CPP also maintains rehabilitated and recapitalized homes in California, Utah, Oregon, New York, Virginia, Nevada, Indiana and New Mexico.CPP plans […]
Community Preservation Partners Plans $22.6M Rehabilitation in Its First Affordable Housing Project in Colorado
IRVINE, Calif. (Aug. 27, 2019) – In a deal that helps keep 154 Pueblo, Colo., families in their homes and prevents rents from immediately increasing, Southern California-based Community Preservation Partners (CPP) has acquired and recapitalized the 47-year-old Casa Del Sol apartment community. The $22.6 million project marks the developer’s entry into Colorado – its ninth […]
CPP Announces $24.5 Million Acquisition, Rehabilitation of Potsdam, N.Y., Community
IRVINE, Calif. (Aug. 23, 2019) – Continuing its rapid growth on the East Coast, Community Preservation Partners (CPP) today announced the start of rehabilitation of the 40-year-old Lawrence Avenue Apartments, a 137-unit multifamily complex in Potsdam, N.Y. Work begins this month on the $24.5 million project, which includes a $10.25 million construction and renovation budget […]