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.
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.
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/
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer has entered the Santa Fe market with the acquisition and planned renovation of two developments in the city: Sangre De Cristo Apartments and Santa Fe Apartments. Once renovated, the two developments will be restricted to households earning 60 percent or less of the Area Median Gross Income (AMI) and which will continue to benefit from project-based rental assistance.
Santa Fe Apartments, with 64 units, is located at 255 Camino Alire and was built in 1968. Approximately two miles away is Sangre De Cristo Apartments, built in 1970, encompassing 164 units, and located at 1801 Espinacitas Street. Apartment layouts of both developments include one-, two- and three-bedroom units, with the latter also offering 4-bedroom units. The communities will receive extensive renovations, estimated at $96,700 per unit. CPP’s total investment for both properties is approximately $93,693,000, which includes the combined purchase price of $41,818,000.
“Santa Fe is an important new market for CPP. With 38 communities in New Mexico, including our newest one in Albuquerque, this purchase is another example of our continued investment in affordable housing in the state,” said Karen Buckland, Vice President at CPP.
Extensive renovations will be made at both locations to upgrade resident accessibility and energy efficiency. All common areas will be modified for ADA compliance, ensuring accessible routes to units, site amenities and parking. A total of 13 Type A units will be designated, nine units at Sangre De Cristo Apartments and four units at the Santa Fe Apartments. In addition, five hearing impaired units will be provided, four units at Sangre De Cristo and one unit at the Santa Fe Apartments.
Energy efficient upgrades will include installation of LED lighting throughout, low flow and flush rated plumbing fixtures and Energy Star rated appliances. Additionally, any proposed landscape improvements will address water conservation. Upgrades inside units will include new vinyl plank flooring, low VOC paint and adhesives, and formaldehyde free cabinets and counters.
Both developments’ exteriors will have stucco repairs, new paint, full asphalt replacement, new playground equipment installation, and the repaving of an existing basketball court. Additionally, refrigerant air conditioning will be installed throughout, which neither sites had previously. At Sangre De Cristo Apartments there will be new windows installed, roof repairs, and upgrades made to the exterior stairs. Roofs at Santa Fe Apartments will be replaced, and solar panels installed.
The properties’ HUD subsidy was set to expire, but with CPP’s involvement the homes will now remain affordable and prevent displacement of residents earning 60% of AMI until 2054.
“We are looking forward to working with CPP on these new developments in New Mexico,” Bobby C. Griffith, CFO and Director of Acquisitions at JL Gray, the development’s management company and owner. “They are partners who share our commitment to helping provide affordable housing to families and individuals in our communities.”
Renovations are expected to be completed in December 2024, with minimal impact to residents.
Partners on the project include the New Mexico Mortgage Finance Authority, who is the bond issuer and awarded 4% low-income housing tax credits; US Bank provided equity and construction gap financing; and Keybank provided debt financing through the Freddie Mac TEL program.
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer has announced the acquisition and planned renovation of Skyline View Apartments in Layton, Utah. CPP partnered with The Hampstead Companies who will be the co-owner and co-developer. This is the second community for CPP in the state with a previous acquisition of properties in Ogden. Both cities are north of Salt Lake City and ideally suited for families searching for affordable housing near the city.
The Skyline View Apartments are comprised of eight two-story, garden-style buildings spread over three sites (443, 448, and 430 North Fairfield Road). Built between 1973 and 1978, the aging buildings have not had significant renovations, with many of the 112 two-bedroom units showing considerable wear and tear. The apartments range in size from 720 to 768 square-feet. Extensive renovations to interiors and exteriors will begin immediately with construction completion scheduled for August 2024.
Major enhancements slated include installation of new windows, replacement of outdoor siding, and addition of packaged terminal air conditioner (PTAC) units. The common outside area will see new paths of travel for improved accessibility, and new tot lots for younger residents. Other amenities include on-site parking for 123 vehicles, access to storage areas, a community laundry room and basketball court. Apartment upgrades will include new flooring, cabinets, countertops, lighting, appliances, and plumbing fixtures.
CPP’s total development investment is approximately $39.5M, which includes the purchase price of $22M and an estimated per unit renovation cost of $70,000.
“The Skyline View Apartments are a perfect example of CPP’s preservation efforts in affordable housing where it’s most needed,” said Seth Gellis, President at CPP. “The location next to a metro center makes these homes ideal for families of working-class renters who can’t afford to live in the downtown area.”
The properties’ HUD subsidy was set to expire, but with CPP’s involvement the units will now remain affordable and prevent displacement of residents earning 50% of AMI for another 20 years.
In addition to The Hampstead Companies, partners on the project include Utah Housing Corporation, who is the bond issuer and awarded 4% low-income housing tax credits (LIHTC). Key Bank is providing the construction and debt financing through a forward under the Freddie Mac TEL program.
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer has announced the acquisition and planned renovation of two developments in Albuquerque: Mountain View II and III. This is the first project in Albuquerque for CPP, which coincides with two recent closings in Santa Fe. CPP’s investment in New Mexico consists of more than 39 different communities.
Built in 1967 and 1968 respectively, Mountain View II and III are located at 1515 and 1333 Columbia Dr. SE, approximately four miles outside of downtown Albuquerque. They share a contiguous block and will be designated and operated as one development. In all, the Mountain View Apartments offer 241 units comprised of studios, one-, two-, and three-bedroom layouts, set in multiple two-story garden-style buildings and townhouses. CPP’s total development investment is approximately $65,769,000, which includes the purchase price of $22,280,000 and an estimated per unit renovation cost of $95,078.
“The need to renovate the Mountain View Apartments, due to years of deferred maintenance, is compounded by a recent fire at one of the buildings making approximately 24 units uninhabitable,” said Karen Buckland, Vice President at CPP. “This investment, which will preserve affordable units in the area, could not come at a better time.”
Along with the extensive work to repair the burnt building, the total site renovation will bring modernization, ADA compliancy, energy efficiency, and improved security to the community. Mountain View Apartments will receive extensive energy efficiency upgrades, such as Energy Star rated appliances, low flow and flush rated plumbing fixtures, and LED lighting throughout the community. New vinyl plank flooring, paint and adhesives will be low VOC, along with formaldehyde free cabinets and counters.
Accessibility will be addressed throughout the site, ensuring accessible routes to units, site amenities and parking spaces. The common area interiors and restrooms will receive modification to comply with accessibility requirements, and a total of 13 Type A units will be designated, receiving enhancements for residents with maneuverability restrictions. Additionally, five hearing impaired units will be provided.
Exteriors will receive stucco repairs, new paint and new windows, full asphalt replacement, new playgrounds, a new perimeter fence to deter crime, and any proposed landscape improvements will address water conservation. Other community amenities include central laundry facilities, off street parking, picnic area, playground, and on-site management. Several community-wide improvements are planned as part of the renovation including free Wi-Fi access to all residents.
The properties’ HUD subsidy was set to expire, but with CPP’s involvement the homes will now remain affordable and prevent displacement of residents earning 60% of AMI until 2054.
“It’s especially gratifying to preserve these affordable housing developments as they are in an underserved area,” Bobby C. Griffith, CFO and Director of Acquisitions at JL Gray, the development’s management company and owner.
Renovations are expected to be completed in December 2024. Partners on the project include the New Mexico Mortgage Finance Authority, who is the bond issuer and awarded 4% low-income housing tax credits; Keybank is providing the construction and debt financing through a forward under the Freddie Mac TEL program; and R4 will be providing equity financing.
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, has announced the acquisition of Sunnyview Villa in Palm Springs, Calif., a community of one- and two-story buildings reserved for residents earning between 30% and 60% AMI. CPP’s renovation and investment will renew the property’s affordability status for an additional 55 years.
Located at 2950 N. Indian Canyon Road in North Palm Springs near the historic Racquet Club West neighborhood, the 44 units at Sunnyview Villa will undergo extensive renovations to improve residents’ quality of life.
Sunnyview Villa was built in 1980 and has experienced deferred maintenance over the years. Improvements to the apartment interiors will include installation of new kitchen cabinets and countertops, low-HOV vinyl flooring, Energy Star appliances and energy efficient lighting. Exterior renovation will include new roofing, energy efficient lighting in common areas and painting of all structures. Additional work will upgrade the ADA path of travel to be compliant.
Technological improvements include the addition of a computer room, security video surveillance, in-unit wireless internet, a social coordinator and transportation options.
CPP is partnering with LifeSTEPS to create a program for residents’ health and wellness. Services include effective educational and supportive services designed to maximize resident strengths and build resilient communities.
“The value that LifeSTEPS brings is a big part of the community’s renovation,” said Karen Buckland, Vice President of Development at CPP. “We have worked with the organization in the past and they have proven to be integral in setting up an important support system for residents.”
CPP’s total development investment is expected to be approximately $20.7M, with a purchase price of $11.25M and an expected renovation investment of approximately $89,000 per unit. Renovations are expected to be completed in December 2023.
Development partners on the project include WNC & Associates, which is providing 4% tax credit equity, bond issuer California Municipal Finance Authority and Red Stone Equity Partners. It is through partnerships like these that CPP is able to provide essential social services to residents, support neighborhood initiatives and transform multi-family affordable housing communities.
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer has announced the acquisition and planned renovation of two developments in Great Falls: Sunshine Village and Broadview Manor East & West (MT2 Community Partners, LP). CPP partnered with The Hampstead Companies who will be the owner and co-developer. This is the second project closing in Montana for CPP and Hampstead together, totaling three communities in the area.
CPP and Hampstead’s total development investment is approximately $23.1M, which includes the purchase price of $10.75M and an estimated per unit renovation cost of $72,850. The properties’ HUD subsidy was set to expire, but with CPP and Hampstead's involvement the homes will now remain affordable and prevent displacement of residents earning 50% and 60% of AMI until 2074.
“New affordable housing developments in the Great Falls area have significant waitlists, so the preservation and modernization of the existing affordable housing stock is important to the residents of this community,” said Karen Buckland, Vice President at CPP.
Built in 1979 and located at 600 13th Avenue S., Sunshine Village is a senior community of 72 one- and two-bedroom units in a single three-story building. Amenities for senior residents include a community room, library, and outdoor lawn. Shared space renovations will include the replacement of one of the building’s elevator cabs, a full upgrade of the community space, and expansion of the management office.
Also built in 1979, the Broadview Manor properties are in two different locations. Both communities are designed for families, offering three- and four-bedroom units, onsite laundry facilities and uncovered open parking. Broadview Manor East, located at 720 and 724 42A Street is a three-story, 12-unit project with an adjacent basketball court. As part of the renovation, Broadview Manor East will have new stairs installed. Broadview Manor West, located at 710 and 714 4th Avenue N.W., is a two-story 8-unit project.
Interior renovations will take place in all the units with a focus on sustainability, including installation of new low-VOC vinyl plank flooring, and formaldehyde-free cabinets and counters. Upon completion, the homes will include energy efficient upgrades, such as Energy Star rated appliances, LED lighting fixtures, low-VOC paint, and low flow plumbing fixtures. Sunshine Village will receive necessary ADA compliance upgrades.
As part of the improvements, the Great Falls communities will offer free Wi-Fi and provide residents with an on-demand library of classes, available 24/7 through Rainbow Housing Assistance Corporation. Live instruction will also be offered, Monday through Thursday, along with monthly calendared events coordinated by an on-site staff member. Rainbow Housing will conduct a survey and assessment of the residents to determine the needs of tenants and programing of the project to ensure that the appropriate resources are being provided.
Renovations are expected to be completed in May 2024. Partners on the project include Montana Board of Housing (who awarded tax exempt bonds and 4% low-income housing tax credits), WNC is the equity partner, and Glacier Bank provided the debt.
CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, today announced the closing of Ellicott Park Townhomes. The 8.9-acre property consists of two non-contiguous parcels and is located at 10 Durham Court in downtown Buffalo, a few blocks from the main business district.
CPP’s total development investment is expected to be approximately $54.7M, with a total investment in renovations of $14.2M. Renovations are expected to be completed in Spring 2023. CPP plans to ensure a minimal impact on residents during the renovations.
The restoration of Ellicott Park Townhomes will preserve 220 total family units encompassing 150 Section-8 units across 21 two-story townhouse-style buildings. Unit renovations will include ADA unit conversions, replacements, extensive kitchen and bathroom upgrades, and large building system replacements and upgrades.
Significant exterior upgrades will include window replacements, brick masonry repairs and roof repair. Residents will see numerous improvements made to shared community spaces. Site work will include repaving and restriping of the development’s parking lot, with the addition of a new playground, gazebo, dog park, BBQ grills, bike racks, and an improvement to the paths of travel.
“The renovation of Ellicott Townhomes will significantly extend the use of the property while enhancing the quality of life for its residents,” said John Fraser, Development Director at CPP. “Upstate New York has a strong demand and significant need for subsidized and affordable housing. CPP will transform the property into a safe, desirable and well-maintained property.”
Development partners on the project include Rochester's Cornerstone Group, PNC and Redstone.