Revitalizing a Community. Restoring Opportunity.
In 2023, CPP in partnership with Conifer, embarked on one of its largest preservation efforts to date: Keeler Park Apartments, a 526-unit affordable housing community in Rochester, New York.
Built in 1973,the two 16-story towers provide one-, two-, and three-bedroom homes within two miles of downtown. For decades, Keeler Park has been a lifeline for hundreds of families relying on affordable housing. But after nearly 50 years without major renovation, outdated systems, aging interiors, and limited energy efficiency placed the community’s long-term stability at risk, at a time when the demand for affordable housing in Upstate New York is greater than ever.
Our Mission: Preserve and Modernize
CPP and Conifer acquired Keeler Park with a planned $140 million investment, including a $66 million purchase price and a $53,000 per-unit renovation budget. The goal: safeguard affordability for more than 500 families while transforming the property into a modern, efficient, and resilient community.
Renovations include:
To minimize disruption, CPP and Conifer undertook a challenging but successful on-site temporary relocation effort where residents were temporarily moved to onsite vacant units and then returned to their fully-renovated previous unit. Most importantly, no permanent displacement to any residents because of the renovations occurred. Upon stabilization, Rainbow Housing, a national provider of resident services, was brought in to support tenants with access to services.
Financing the Future
Preserving Keeler Park required collaboration across state and local partners. Financing was made possible through Low-Income Housing Tax Credits allocated by New York State Homes and Community Renewal, tax-exempt bonds issued by the County of Monroe Industrial Development Agency, equity investment from Key Community Development, and permanent financing provided by KeyBank through tax-exempt federal bonds.
A Lasting Impact
Construction completed in Spring 2024 with Keeler Park Apartments now a fully revitalized, safe, energy-efficient, and modernized community for 526 families.
The impact extends far beyond physical upgrades. This large-scale preservation effort protects a critical source of affordable housing in Rochester’s urban core, ensures stability for hundreds of households, and invests in sustainability, resident services, and stronger neighborhoods.
Through CPP’s leadership and collaboration with Conifer and its financing partners, Keeler Park will continue to serve as a cornerstone of opportunity and affordability in Rochester for decades to come.
